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






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






3. Which of the following is NOT included on the employment application?


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






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






6. Long-term capital that is invested in a business is referred to 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. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...






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






10. Rent is an example of a...






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






34. Which of the following is an internal problem that can lead to business failure?






35. 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...






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


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






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






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






40. 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...






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






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






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






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






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






46. A source of debt capital would include






47. 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...






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






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






50. 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...