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Test your basic knowledge |
Small Business Management
Start Test
Study First
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. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
competition
Repairs
partnership
Census of banking
2. Which of the following are advantages of extending credit?
Sales are increased; Goodwill is built-up and easily maintained
a structured interview
American's with Disabilities Act
working capital
3. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
revolving account; open-end credit
economic order quantity
to self-insure
evaluating; controlling
4. The difference between merchandise cost and the selling price is known as the...
mark-up
fixed expense
Actively managed by stockholders
Tax burdens; Human resource planning
5. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
ADA
manufacturing business
Take on more risks
a business plan
6. A BFOQ is...
evaluating; controlling
entrepreneur
a qualification that is absolutely necessary
OSHA
7. A plan which provides inducements to potential purchasers of products and/or services is called...
Proprietorship
sales promotions
have good management
Directing
8. The difference between current assets and current liabilities is...
working capital; circulating capital
Sales are increased; Goodwill is built-up and easily maintained
markdown
intangible assets
9. Which of the following is NOT a way to reduce risks?
Better Business Bureau
competition
manufacturing business
Take on more risks
10. Which of the following is NOT a consumer buying motive?
Indemnity
description
proprietorship
Personal checks
11. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
Installment credit
Legal restrictions on activities
credit application
fixed capital
12. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...
consumer credit
corporation
credit application
OSHA
13. In business - the name - goodwill - copyrights - and patents are referred to as...
intangible assets
an entrepreneur
corporation
to self-insure
14. In a business - the number of times the average inventory is sold or used up can be referred to as...
inventory turnover
ADA
partnership
Installment credit
15. Which of the following are advantages of a sole proprietorship?
Ease of starting; Profit incentive
Unlimited liability; Limited management ability
equity capital
the religion of the applicant
16. All of the following are factors which can affect the recruitment and selection of employees except
the religion of the applicant
new venture plan; business plan
Equal Pay Act of 1963
mark-up
17. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
credit application
Commercial loans; Venture capitalists
new venture plan; business plan
ADA
18. Any capital that is invested in a business by the owner(s) can be called...
Small Business Administration
Legal restrictions on activities; Lack of personal interest
partnership
equity capital
19. One who organizes - manages - and assumes the risk of a business form or venture is known as...
advertising
competition
an entrepreneur
the employment interview
20. Rent is an example of a...
fixed expense
Better Business Bureau
CBD
demographics
21. A document that lists the major responsibilities and tasks of the job is known as a job
trade credit
working capital
proprietorship
description
22. Which of the following are disadvantages of a corporation?
economic order quantity
Legal restrictions on activities; Lack of personal interest
Name of the business; Goodwill
new venture plan; business plan
23. Which of the following is NOT an advantage of a corporation?
Legal restrictions on activities
Efficiency of labor; Combined management - talent and capital
have good management
Terms of the sale
24. Which of the following is a requirement for a building layout?
Accessibility
controlling; actuating
Large financial capacity; Limited liability of each owner (stockholder)
the religion of the applicant
25. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
Proprietorship
the employment interview
proprietorship
fixed capital
26. The current asset items consisting of cash - inventories - and accounts receivables is known as...
revolving account; open-end credit
have good management
Some losses from bad debts and customers with fraudulent intentions are bound to occur
circulating capital
27. A strategy available to absorb risks would be...
lost income
consumerism
demographics
to self-insure
28. A common business credit/sales tern is...
2/10 - N30
working capital; circulating capital
Commercial loans; Venture capitalists
inventory turnover
29. A particular business that provides a service as opposed to a product is referred to as a...
economic base
partnership
Accessibility
service business
30. Long term capital invested in the business is...
Ease of starting; Profit incentive
fixed capital
key person insurance
a structured interview
31. Which of the following is NOT included on the employment application?
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32. 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...
economic order quantity
Census of banking
corporation
markdown
33. Which of the following is recognized as a disadvantage of extending credit?
advertising
Some losses from bad debts and customers with fraudulent intentions are bound to occur
a structured interview
Large financial capacity; Limited liability of each owner (stockholder)
34. A small business is not...
corporation
Actively managed by stockholders
Income trends in the community
demographics
35. The quantity to be purchased which minimizes total cost is referred to as the...
description
Installment credit
key person insurance
economic order quantity
36. Which of the following is normally NOT a source of published market data?
an entrepreneur
corporation
lost income
Census of banking
37. A business that purchases finished goods for resale is referred to as a...
Installment credit
merchandising business
trade credit
the employment interview
38. Which of the following are examples of debt capital?
inventory turnover
Commercial loans; Venture capitalists
corporation
revolving account; open-end credit
39. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?
Census of banking
economic base
mark-up
Equal Pay Act of 1963
40. A point in business operations whereby total sales revenue equals total costs
a structured interview
inventory control considerations
break-even point
Applicant's sex
41. Which of the following are disadvantages of a sole proprietorship?
corporation
Unlimited liability; Limited management ability
working capital
Personal checks
42. Capital that is invested in the business by the owner(s) is known as...
equity capital
proprietorship
description
working capital
43. The wealth produced in or near a community that provides employment and income to the local population is known as the...
proprietorship
Some losses from bad debts and customers with fraudulent intentions are bound to occur
ADA
economic base
44. 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...
demographics
Applicant's sex
an entrepreneur
commercial loans
45. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
Installment credit
controlling
partnership
Income trends in the community
46. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...
trade credit
Directing
Income trends in the community
equity capital
47. Which of the following are advantages of a partnership?
manufacturing business
Efficiency of labor; Combined management - talent and capital
Whether or not they have an acceptable accounts receivable ratio
Civil Rights Act
48. A management function which compares organizational and individual performance with predetermined standards or expected results is...
Efficiency of labor; Combined management - talent and capital
Name of the business; Goodwill
intangible assets
controlling
49. A source of debt capital would include
commercial loans
Sales are increased; Goodwill is built-up and easily maintained
have good management
risk management
50. Which of the following is NOT a type of consumer credit?
break-even point
Accessibility
Directing
Personal checks