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 advantages of a corporation?






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






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






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






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






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






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






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






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






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






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






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






13. Which of the following is an intangible asset?






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






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






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






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






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






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






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






21. In business - the name - goodwill - copyrights - and patents are referred to as...






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






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






24. An external problem that can lead to small business failure is...






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






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






27. A source of debt capital would include






28. 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...






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






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






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

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32. Long-term capital that is invested in a business is referred to as...






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






34. A small business is not...






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






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






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






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






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






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






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






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






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






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






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






46. Which of the following are disadvantages of a corporation?






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






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






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