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Test your basic knowledge |
Small Business Management
Start Test
Study First
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...
Name of the business; Goodwill
evaluating; controlling
Take on more risks
equity capital
2. A point in business operations whereby total sales revenue equals total costs
Ease of starting; Profit incentive
inventory control considerations
break-even point
Take on more risks
3. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
new venture plan; business plan
Ease of starting; Profit incentive
risk management
Credit customers are more interested in quality and service than price
4. A strategy to minimize risk would be to...
have good management
Small Business Administration
Repairs
demographics
5. Which of the following are examples of debt capital?
a business plan
inventory control considerations
merchandising business
Commercial loans; Venture capitalists
6. The difference between current assets and current liabilities is...
working capital
Financial shortages
fixed expense
evaluating; controlling
7. All of the following are factors which can affect the recruitment and selection of employees except
Income trends in the community
the religion of the applicant
Small Business Administration
demographics
8. Long-term capital that is invested in a business is referred to as...
CBD
Some losses from bad debts and customers with fraudulent intentions are bound to occur
fixed capital
Indemnity
9. A management function which compares organizational and individual performance with predetermined standards or expected results is...
equity capital
have good management
controlling
Small Business Administration
10. Rent is an example of a...
Legal restrictions on activities
fixed expense
to self-insure
Repairs
11. Which of the following are advantages of a corporation?
partnership
Chamber of Commerce
Large financial capacity; Limited liability of each owner (stockholder)
intangible assets
12. 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...
corporation
risk management
Indemnity
Better Business Bureau
13. Which of the following is an external problem and risk of business ownership?
Tax burdens; Human resource planning
working capital
circulating capital
a structured interview
14. In business - a reduction of selling price below the original selling price is referred to as...
economic order quantity
the employment interview
markdown
Better Business Bureau
15. In business - the name - goodwill - copyrights - and patents are referred to as...
controlling; actuating
intangible assets
equity capital; personal capital
Better Business Bureau
16. Which of the following is normally NOT a source of published market data?
entrepreneur
proprietorship
to self-insure
Census of banking
17. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Name of the business; Goodwill
entrepreneur
Take on more risks
Civil Rights Act
18. A factor to be considered with the evaluation of a credit risk would be the...
manufacturing business
partnership
credit application
commercial loans
19. Business interruption insurance covers
intangible assets
Applicant's sex
break-even point
lost income
20. 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...
circulating capital
break-even point
markdown
Applicant's sex
21. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
the employment interview
lost income
service business
Credit customers are more interested in quality and service than price
22. Factors associated with evaluating a credit risk
inventory control considerations
Lack of expertise
a business plan
working capital; circulating capital
23. The current asset items consisting of cash - inventories - and accounts receivables is known as...
new venture plan; business plan
Income trends in the community
a qualification that is absolutely necessary
circulating capital
24. The art of making the public aware of one's products and/or services that are for sale can be referred to as...
service business
advertising
corporation
a 2% discount if invoice is paid within 10 days - net due in 30 days
25. Which of the following are advantages of a sole proprietorship?
commercial loans
Ease of starting; Profit incentive
American's with Disabilities Act
Financial shortages
26. A business that makes finished goods from raw materials by hand or machinery is referred to as a...
Efficiency of labor; Combined management - talent and capital
consumerism
manufacturing business
Terms of the sale
27. Which of the following are advantages of a partnership?
Financial shortages
Efficiency of labor; Combined management - talent and capital
Legal restrictions on activities; Lack of personal interest
break-even point
28. A document that lists the major responsibilities and tasks of the job is known as a job
Accessibility
economic order quantity
description
fixed expense
29. Which of the following is NOT a consumer buying motive?
Financial shortages
Chamber of Commerce
Small Business Administration
Indemnity
30. The wealth produced in or near a community that provides employment and income to the local population is known as the...
economic base
a structured interview
American's with Disabilities Act
commercial loans
31. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
demographics
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
ADA
the religion of the applicant
32. A plan which provides inducements to potential purchasers of products and/or services is called...
fixed capital
sales promotions
equity capital
Equal Pay Act of 1963
33. An interview whereby the applicant is asked a pre-determined set of questions is known as...
a structured interview
Indemnity
break-even point
Name of the business; Goodwill
34. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
intangible assets
fixed expense
Actively managed by stockholders
Chamber of Commerce
35. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?
CBD
Indemnity
fixed expense
Income trends in the community
36. Which of the following is an internal problem that can lead to business failure?
Chamber of Commerce
equity capital
Lack of expertise
controlling; actuating
37. 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...
Proprietorship
Directing
corporation
Some losses from bad debts and customers with fraudulent intentions are bound to occur
38. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as...
markdown
credit application
a business plan
Credit customers are more interested in quality and service than price
39. Which of the following statements is TRUE concerning consumer credit?
a structured interview
to determine where the potential customers are
Credit customers are more interested in quality and service than price
OSHA
40. The number of times the average inventory has been sold or used up during a period is known as...
mark-up
Whether or not they have an acceptable accounts receivable ratio
inventory turnover
Accessibility
41. A common business credit/sales tern is...
partnership
description
working capital
2/10 - N30
42. A small business is not...
Repairs
Commercial loans; Venture capitalists
sales promotions
Actively managed by stockholders
43. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
new venture plan; business plan
commercial loans
proprietorship
trade credit
44. Any capital that is invested in a business by the owner(s) can be called...
demographics
Chamber of Commerce
fixed capital
equity capital
45. 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...
consumer credit
inventory control considerations
demographics
sole proprietorship
46. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
Directing
Lack of expertise
revolving account; open-end credit
partnership
47. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
sales promotions
Small Business Administration
entrepreneur
sole proprietorship
48. 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...
advertising
variable expense
equity capital
partnership
49. Which of the following is NOT included on the employment application?
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50. Capital that is invested in the business by the owner(s) is known as...
economic order quantity
equity capital
Actively managed by stockholders
Large financial capacity; Limited liability of each owner (stockholder)