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






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






3. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...






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






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






6. A document that lists the major responsibilities and tasks of the job is known as a job






7. Long term capital invested in the business is...






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






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






10. 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...






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






12. A strategy to minimize risk would be to...






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






14. 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...






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






16. A BFOQ is...






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






18. A small business is not...






19. 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...






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






21. 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...






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






23. 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...






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






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






26. A source of debt capital would include






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






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






29. A management function which compares organization and individual performance with predetermined standards or expected results is known as...






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






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






32. 2/10 - N/30 means...






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






34. Which of the following is normally NOT a source of published market data?






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






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






37. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?






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






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






40. Which of the following is NOT used to measure the success of advertising?






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






42. Any capital that is invested in a business by the owner(s) can be called...






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






44. Which of the following are functions of management?






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






46. Which of the following are disadvantages of a sole proprietorship?






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






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






49. Capital that is invested in the business by the owner(s) is known as...






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