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. A common business credit/sales tern is...






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






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






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






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






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






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






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






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






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






11. Which of the following are advantages of a corporation?






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






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






14. A source of debt capital would include






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






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






17. 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...






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






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






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






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






22. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...






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






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






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






26. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...






27. 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...






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






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






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






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






32. 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...






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






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






35. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...






36. Business interruption insurance covers






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






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






39. Which of the following is an intangible asset?






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






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






42. A small business is not...






43. 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...






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






45. Which of the following is recognized as a disadvantage of extending credit?






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






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






48. 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...






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






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