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






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






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






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






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






6. 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...






7. 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...






8. Business interruption insurance covers






9. 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...






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






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






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






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






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






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






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






17. A small business is not...






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






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






20. Factors associated with evaluating a credit risk






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






22. A BFOQ is...






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






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






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






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






27. Which of the following are advantages of a partnership?






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






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






30. Which of the following is an intangible asset?






31. 2/10 - N/30 means...






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






33. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...






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






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






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






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






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






39. 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...






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






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






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






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






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






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

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






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






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






49. 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...






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