This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 98 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 98 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Related to the concept of finding a niche is the importance of maintaining a competitive edge.What does "edge" mean? A) A position or place that is very suitable. B) An advantage. C) A feature, quality. D) Reason for doing something. Show Answer Correct Answer: B) An advantage. 2. Which of the following is not one one of the key features of a cottage industry? A) Carried out in persons homes. B) Typically use traditional or small scales technology. C) Often use local raw material. D) Usually hire employees from the community. Show Answer Correct Answer: D) Usually hire employees from the community. 3. Funds contributed by investors to a business; investors expect a significant return on their investment. A) Equity. B) Board of Directors. C) All the above. D) None of the above. Show Answer Correct Answer: A) Equity. 4. Which of the following is a method to reduce resistance to change? A) Bargaining and negotiation. B) Ignoring employee feedback. C) Limiting participation. D) Avoiding communication. Show Answer Correct Answer: A) Bargaining and negotiation. 5. Tony owns and operates a small neighborhood pizza restaurant. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: C) Small Business Owner. 6. Jacob supervises employees at a call center and monitors performance. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 7. Oversees the business's day-to-day operational and administrative functions A) CFO. B) Stakeholder. C) Founder. D) Employee. E) COOTagsROLES. Show Answer Correct Answer: E) COOTagsROLES. 8. Trade secrets protect a company's formulas from being shared with ..... A) Competitors. B) Customers. C) Employees. D) Suppliers. Show Answer Correct Answer: A) Competitors. 9. Which of the following is NOT a way in which entrepreneurs can innovate? A) Maintaining a stable business. B) Improving upon an existing product. C) Creating a new product category. D) Expanding into new markets. Show Answer Correct Answer: A) Maintaining a stable business. 10. Which one is TRUE about Self-employment? A) Individuals who work for profit or fees in their own business, profession, trade, or farm. B) Individuals who want to change the world and have a passion that goes beyond profits. C) All the above. D) None of the above. Show Answer Correct Answer: A) Individuals who work for profit or fees in their own business, profession, trade, or farm. 11. Can employ more persons A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: B) Large Businesses. 12. You will likely pay more for a product or service from a small company than from a large one. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. Which of the following businesses would not be considered a small business? A) A car repair shop with over $ 250, 000 in revenue and eight employees. B) A real estate development company with $ 100 million in revenue and 54 employees. C) A manufacturing firm with $ 17 million in revenue and 95 employees. D) A wholesale trade company with $ 1 million in profit and 300 employees. Show Answer Correct Answer: D) A wholesale trade company with $ 1 million in profit and 300 employees. 14. Label the items as either a product or a service. Muffins A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: A) Product. 15. Identify and serve customers who are likely to patronize your business more often. A) Customers. B) Target the Right Customers. C) Customer Satisfaction. D) None of the above. Show Answer Correct Answer: B) Target the Right Customers. 16. Adam and Bennett are planning to start a new business. They are considering different types of business insurance. Which of the following is a common type of insurance for startups? A) Life Insurance. B) Health Insurance. C) Property Insurance. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. It is easy to determine the selling price of an intangible digital service. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 18. When an employee is on a team and discusses a problem with a coworker at their own level, this is known as A) Horizontal communcation. B) Vertical communication. C) Non-verbal communication. D) None of the above. Show Answer Correct Answer: A) Horizontal communcation. 19. Includes shape, pattern and arrangement of lines or color combination that is applied to any article A) Design. B) Copy right. C) Patent. D) Trade mark. Show Answer Correct Answer: A) Design. 20. To avoid the inconvenience of many different currencies when countries were so close geographically, 12 European countries agreed to introduce a uniform currency-this has become known as: A) Bitcoin. B) The euro. C) Cryptocurrency. D) The deutschmark. Show Answer Correct Answer: B) The euro. 21. Label the items as either a product or a service. Guitar Lessons A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 22. Select the sentence with the correct punctuation. A) 'Entrepreneurship' is a challenging field said the professor. B) 'Entrepreneurship is a challenging field, ' said the professor. C) Entrepreneurship is a challenging field said the professor. D) 'Entrepreneurship is a challenging field' said the professor. Show Answer Correct Answer: B) 'Entrepreneurship is a challenging field, ' said the professor. 23. Explain the concept of sole proprietorship. A) Sole proprietorship is a business structure where a single individual owns and operates the business. B) Sole proprietorship is a business structure where the business is owned by the government. C) Sole proprietorship is a business structure where the business is owned by a corporation. D) Sole proprietorship is a business structure where multiple individuals own and operate the business. Show Answer Correct Answer: A) Sole proprietorship is a business structure where a single individual owns and operates the business. 24. Small Scale Industries are more capital intensive and less labour intensive. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 25. Which of the following is NOT a characteristic of entrepreneurship? A) Assuming risk. B) Producing a steady income. C) Managing scarce resources. D) Focusing on constant innovation. Show Answer Correct Answer: B) Producing a steady income. ← PreviousNext →Related QuizzesClass 11 Business Studies Chapter 8 Small Business Quiz 1Class 11 Business Studies Chapter 8 Small Business Quiz 2Class 11 Business Studies Chapter 8 Small Business Quiz 3Class 11 Business Studies Chapter 8 Small Business Quiz 4Class 11 Business Studies Chapter 8 Small Business Quiz 5Class 11 Business Studies Chapter 8 Small Business Quiz 6Class 11 Business Studies Chapter 8 Small Business Quiz 7Class 11 Business Studies Chapter 8 Small Business Quiz 8Class 11 Business Studies Chapter 8 Small Business Quiz 9Class 11 Business Studies Chapter 8 Small Business Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books