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






2. Which of the following is an example of a variable expense?






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






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






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






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






7. Which of the following is an intangible asset?






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






9. 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...






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






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






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






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






14. 2/10 - N/30 means...






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






41. A source of debt capital would include






42. 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...






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






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






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






46. Which of the following are disadvantages of a partnership?






47. Which of the following are functions of management?






48. Factors associated with evaluating a credit risk






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






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