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






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






3. 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...






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






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






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






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






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






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






10. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?






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






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






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






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






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






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






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






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






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






20. A small business is not...






21. The difference between current assets and current liabilities 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 management function which compares organization and individual performance with predetermined standards or expected results is known as...






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






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






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






27. The quantity to be purchased which minimizes total cost is referred to as the...






28. Factors associated with evaluating a credit risk






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






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






31. 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...






32. 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...






33. 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...






34. 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...






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






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






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






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






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






40. 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...






41. Which of the following are examples of debt capital?






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






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






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






45. 2/10 - N/30 means...






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






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






48. Business interruption insurance covers






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






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