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






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






3. A small business is not...






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






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






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






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






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






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






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






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






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






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






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

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






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






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






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






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






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






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






22. 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...






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






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






25. 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...






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






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






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






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






30. Which of the following are functions of management?






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






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






33. 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...






34. Capital that is invested in the business by the owner(s) is known as...






35. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...






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






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






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






39. 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...






40. The current asset items consisting of cash - inventories - and accounts receivables is known as...






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






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






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






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






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






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






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






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






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






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