Test your basic knowledge |

Small Business Management

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Which of the following are disadvantages of a sole proprietorship?






2. Which of the following is NOT an advantage of a corporation?






3. Which of the following would NOT be an insurance risk to consider?






4. A business that makes finished goods from raw materials by hand or machinery is referred to as a...






5. An individual that assumes the risks associated with a new venture start-up can be referred to as a...






6. If a prospective business owner attempts to statistically study such factors as human population size - density - distribution - and wealth - we should refer to this as...






7. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...






8. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?






9. The quantity to be purchased which minimizes total cost is referred to as the...






10. Selling a business's accounts receivable for cash to a third party is referred to as...






11. A line of credit that may b e used over and over again up to a certain borrowing limit is called...






12. Which of the following are examples of debt capital?






13. A factor to be considered with the evaluation of a credit risk would be the...






14. Which of the following is an intangible asset?






15. Which of the following are disadvantages of a corporation?






16. A small business is not...






17. A plan which provides inducements to potential purchasers of products and/or services is called...






18. In a business - the number of times the average inventory is sold or used up can be referred to as...






19. A cost which is uniform per unit - but fluctuates in total - in direct proportion to change in the related total activity or volume is known as...






20. Rent is an example of a...






21. In business - the name - goodwill - copyrights - and patents are referred to as...






22. A particular business that provides a service as opposed to a product is referred to as a...






23. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...






24. A source of debt capital would include






25. Life insurance that protects a firm against losses due to the death of a key employee is known as...






26. The simplest and most common legal form of business ownership is...






27. Which of the following are advantages of extending credit?






28. The art of making the public aware of one's products and/or services that are for sale can be referred to as...






29. In organizing a business - a legal form of organization that is authorized by a state to operate a business under a state charter is referred to as a...






30. Which of the following is an internal problem that can contribute to the failure of a business?






31. A point in business operations whereby total sales revenue equals total costs






32. The form of legal organization that is owned and operated by one person is the...






33. Any effort undertaken to retain and preserve the assets and earning power of a business is called...






34. The difference between current assets and current liabilities is...






35. Which of the following is an external problem and risk of business ownership?






36. The difference between current assets and current liabilities is...






37. A strategy available to absorb risks would be...






38. On a chart which plots sales - fixed and variable costs for a given period of time - the point where the sales and the total cost lines intersect is called the...






39. Which of the following is NOT a type of consumer credit?






40. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...






41. An interview whereby the applicant is asked a pre-determined set of questions is known as...






42. The wealth produced in or near a community that provides employment and income to the local population is known as the...






43. Which of the following is not a consideration concerning the selection of suppliers?






44. Which of the following is NOT a consumer buying motive?






45. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...






46. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?






47. Business interruption insurance covers






48. Long-term capital that is invested in a business is referred to as...






49. The principal government agency concerned with the financing - operation - and management of small businesses is the






50. The current asset items consisting of cash - inventories - and accounts receivables is known as...