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






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






3. A source of debt capital would include






4. 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...






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






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






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






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






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






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






11. 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...






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






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






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






15. 2/10 - N/30 means...






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






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






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






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






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






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






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






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






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






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






26. Which of the following statements is TRUE concerning consumer credit?






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






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






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






30. Rent is an example of a...






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


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






33. In business - a reduction of selling price below the original selling price is referred to as...






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






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






36. The principal government agency concerned with the financing - operation - and management of small businesses is the






37. Business interruption insurance covers






38. 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...






39. A BFOQ is...






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






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






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






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






44. 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...






45. A small business is not...






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






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






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






49. A factor to be considered with the evaluation of a credit risk would be the...






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