This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 99 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 99 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. During the ..... stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income. A) Survival. B) Decline. C) Startup. D) Maturity. Show Answer Correct Answer: A) Survival. 2. Which of the following products is not produced by a cottage industry? A) Chairs. B) Woven baskets. C) Fan. D) Tie-dye t-shirts. Show Answer Correct Answer: C) Fan. 3. What is the advantage of a corporation? A) Ease of borrowing. B) Perpetual existence. C) Limited liability. D) Full control. Show Answer Correct Answer: C) Limited liability. 4. Sometime referred to as "a mom & pops" business. A) Small business. B) Corporation. C) Partnership. D) None of the above. Show Answer Correct Answer: A) Small business. 5. Credit Checks are required because A) They show the history of the businesses ability to pay back loans. B) Show if a business has been in financial debt in the past. C) Provide a business with a credit rating. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. It is a part of business plan, outlines specific actions that you will take to market your product /service to potential customers A) Price. B) Place. C) Marketing plan. D) Custumer. Show Answer Correct Answer: C) Marketing plan. 7. What type of resources does the SBA offer for small business owners? A) Paid management consulting. B) Get-rich-quick schemes. C) Cookie-for-business plans. D) Free online resources and courses. Show Answer Correct Answer: D) Free online resources and courses. 8. Louisiana Department of Revenue A) Federal. B) State. C) Local. D) None of the above. Show Answer Correct Answer: B) State. 9. Which of the following is not an advantage of franchising? A) Training & support. B) Proven products. C) Fees and profit sharing. D) Financial assistance. Show Answer Correct Answer: C) Fees and profit sharing. 10. What are the different sources of funding for a small business? A) Credit cards, lines of credit, and trade credit. B) Personal savings, loans from family and friends, bank loans, venture capital, angel investors, crowdfunding, grants, and government programs. C) Business incubators and accelerators. D) Merchant cash advances and invoice factoring. Show Answer Correct Answer: B) Personal savings, loans from family and friends, bank loans, venture capital, angel investors, crowdfunding, grants, and government programs. 11. It is essential part of buying inventory, paying employees, marketing the business, buying or repairing business tools and paying his own salary. A) Financial Management. B) Financing. C) Funding. D) None of the above. Show Answer Correct Answer: A) Financial Management. 12. Instead of issuing a customer a refund a business may offer the customer a A) Receipt. B) Credit Note. C) Tax Invoice. D) None of the above. Show Answer Correct Answer: B) Credit Note. 13. A three month time period. A) Quarter. B) Fiscal Year. C) All the above. D) None of the above. Show Answer Correct Answer: A) Quarter. 14. Which of the following sentences uses the word 'operation' correctly? A) The operation of the small business was smooth and efficient. B) He had an operation on his knee last week. C) The operation of the machine was broken. D) She was operation the new software. Show Answer Correct Answer: A) The operation of the small business was smooth and efficient. 15. Why is it important for the government to support small scale industries? A) They only benefit large corporations. B) They have no impact on the economy. C) It is important for the government to support small scale industries because they drive job creation, stimulate economic growth, and enhance local development. D) They reduce competition in the market. Show Answer Correct Answer: C) It is important for the government to support small scale industries because they drive job creation, stimulate economic growth, and enhance local development. 16. Intellectual Property Rights (IPR) in India does NOT include: A) Patent. B) Copyright. C) Label only. D) Geographical Indication. Show Answer Correct Answer: C) Label only. 17. What is cash? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) A government-backed currency used for payments. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) A government-backed currency used for payments. 18. Which of one of these is an advantage of a sole trader A) They don't share the losses with anyone. B) They don't share profits with anyone. C) The owner is both a sleeping partner and active partner. D) None of the above. Show Answer Correct Answer: B) They don't share profits with anyone. 19. What is the role of influencers in marketing as per the text? A) To decrease product prices. B) To advertise products to a wide audience. C) To manage company finances. D) To design company logos. Show Answer Correct Answer: B) To advertise products to a wide audience. 20. A qualitative characteristic of accounting that requires information being reported to be complete, without bias and free from error is ..... A) Relevance. B) Timeliness. C) Understandability. D) Faithful representation. Show Answer Correct Answer: D) Faithful representation. 21. What is the first step in handling customer queries? A) Thank the customer. B) Address the query immediately. C) Listen to the customer. D) Provide an alternative solution. Show Answer Correct Answer: C) Listen to the customer. 22. Damaging reutation is a risk of setting up a business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 23. The best method to clean a plexi sneeze guards is: A) Non-abrasive soap and water. B) Lysol wipes. C) Windex. D) Disinfectant spray. Show Answer Correct Answer: A) Non-abrasive soap and water. 24. As they have some financial problems, they need ..... A) A backer. B) A reward. C) A franchise. D) None of the above. Show Answer Correct Answer: A) A backer. 25. Which of the following is an essential ingredient of entrepreneurship? A) Avoidance of risks at all costs. B) Willingness to take calculated risks. C) Reliance solely on personal skills. D) Ignoring market opportunities. Show Answer Correct Answer: B) Willingness to take calculated risks. ← 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