In each of the following questions, an Idiom or Phrase is given. Choose the alternative which best expresses its meaning: Put up the shutters.

Introduction / Context:
This question tests knowledge of idioms, which are fixed expressions whose meanings cannot always be guessed from the individual words. The idiom put up the shutters originates from the practice of closing the shutters of a shop at the end of the day, but in modern usage it often has a metaphorical meaning related to business closure. Understanding idiomatic expressions is important for scoring well in competitive English sections and for reading newspapers and literature comfortably.

Given Data / Assumptions:
The idiom provided is Put up the shutters. The answer choices are Went out of business, Experienced a downside, Sold off assets, and Changed ownership. We assume the exam refers to the figurative business related meaning rather than a literal action of closing shutters at night, which would not by itself form an idiom in the test sense.

Concept / Approach:
In everyday English, especially in British usage, the phrase put up the shutters can mean to close a shop or business, and by extension, to cease trading completely. As an idiom in business and economic contexts, it is commonly used to describe companies that have stopped operations, often due to financial problems. Therefore, went out of business is the option that best captures this idiomatic sense. The other choices refer to partial difficulties, sale of assets, or change of ownership, none of which necessarily imply full closure.

Step-by-Step Solution:
Step 1: Recall the basic image of a shop closing its shuttered front when it stops trading. Step 2: Connect this image with the figurative usage where put up the shutters signifies complete closure of a business. Step 3: Examine the options and identify which one clearly means closing down operations entirely. Step 4: Recognise that went out of business means stopped doing business permanently. Step 5: Select went out of business as the option that best explains the idiom.

Verification / Alternative check:
We can test the meaning by inserting the idiom into an example sentence. For instance, Due to heavy losses, the small bookshop finally had to put up the shutters. This sentence clearly means that the shop closed down and no longer operates. Rephrasing, we can say Due to heavy losses, the small bookshop finally went out of business, which conveys the same idea. This confirms that went out of business is the correct interpretation for examination purposes.

Why Other Options Are Wrong:
Experienced a downside merely suggests that the business faced some difficulty or decline, but not necessarily that it closed completely.
Sold off assets refers to selling property or equipment, which may happen as part of restructuring, but a company can do this and still continue to operate.
Changed ownership means the business passed into different hands, but the shop itself might remain open and active, so this is not equivalent to putting up the shutters.

Common Pitfalls:
Some students confuse temporary closure, such as for a holiday, with permanent closure. In idiom based questions, the exam almost always uses the more figurative and significant meaning. Learners should also remember that idioms often have cultural roots, and looking at example sentences in good dictionaries or reading business news can help fix such meanings clearly in memory for exam use.

Final Answer:
The idiom Put up the shutters most nearly means Went out of business.