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 strategy available to absorb risks would be...






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






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






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






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






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






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






8. A small business is not...






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






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






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






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






13. 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...






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






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






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






17. Which of the following are functions of management?






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






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






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






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






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






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






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






25. 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...






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






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






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






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






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






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






32. Business interruption insurance covers






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






34. Rent is an example of a...






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






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






37. 2/10 - N/30 means...






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






39. A management function which compares organization and individual performance with predetermined standards or expected results is known as...






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






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






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






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






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






45. 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...






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






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






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






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






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