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. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...






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






3. Which of the following laws prohibits discrimination against any qualified individual with a disability?

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






5. A small business is not...






6. One who organizes - manages - and assumes the risk of a business form or venture is known as...






7. Capital that is investe4d in the business by the owner(s) is known as...






8. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?






9. A legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's charter or articles of incorporation is known as a...






10. Which of the following is NOT a way to reduce risks?






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






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






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






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






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






16. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?






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






18. 2/10 - N/30 means...






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






20. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...






21. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...






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






23. Which of the following is a requirement for a building layout?






24. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...






25. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...






26. The number of times the average inventory has been sold or used up during a period is known as...






27. Which of the following is an internal problem that can lead to business failure?






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






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






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






31. An external problem that can lead to small business failure is...






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






33. The difference between merchandise cost and the selling price is known as the...






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






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






36. Which of the following are advantages of a sole proprietorship?






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






38. All of the following are factors which can affect the recruitment and selection of employees except






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






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






41. Factors associated with evaluating a credit risk






42. A management function which compares organizational and individual performance with predetermined standards or expected results is...






43. A form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners is known as a...






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






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






46. The main objective in a market survey is...






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






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






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






50. A business that purchases finished goods for resale is referred to as a...