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Test your basic knowledge |
Small Business Management
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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. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
Terms of the sale
merchandising business
entrepreneur
a business plan
2. A strategy to minimize risk would be to...
equity capital; personal capital
have good management
the employment interview
entrepreneur
3. A plan which provides inducements to potential purchasers of products and/or services is called...
fixed capital
sales promotions
corporation
competition
4. 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
to self-insure
break-even point
Civil Rights Act
5. The quantity to be purchased which minimizes total cost is referred to as the...
description
a business plan
consumerism
economic order quantity
6. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...
Indemnity
Accessibility
trade credit
a 2% discount if invoice is paid within 10 days - net due in 30 days
7. Life insurance that protects a firm against losses due to the death of a key employee is known as...
the religion of the applicant
fixed capital
key person insurance
inventory control considerations
8. Which of the following are advantages of a partnership?
variable expense
Indemnity
Efficiency of labor; Combined management - talent and capital
equity capital; personal capital
9. The simplest and most common legal form of business ownership is...
Legal restrictions on activities
sole proprietorship
competition
Better Business Bureau
10. The form of legal organization that is owned and operated by one person is the...
mark-up
proprietorship
Financial shortages
a qualification that is absolutely necessary
11. Which of the following laws prohibits discrimination against any qualified individual with a disability?
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12. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
manufacturing business
fixed capital
Installment credit
inventory turnover
13. Selling a business's accounts receivable for cash to a third party is referred to as...
Large financial capacity; Limited liability of each owner (stockholder)
Commercial loans; Venture capitalists
factoring
have good management
14. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
Repairs
revolving account; open-end credit
Credit customers are more interested in quality and service than price
the employment interview
15. Which of the following is an example of a variable expense?
Repairs
Actively managed by stockholders
risk management
Indemnity
16. Which of the following are disadvantages of a corporation?
Terms of the sale
Legal restrictions on activities; Lack of personal interest
risk management
equity capital
17. All of the following are factors which can affect the recruitment and selection of employees except
a 2% discount if invoice is paid within 10 days - net due in 30 days
Better Business Bureau
the religion of the applicant
service business
18. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
OSHA
demographics
mark-up
2/10 - N30
19. A business that purchases finished goods for resale is referred to as a...
merchandising business
economic order quantity
description
entrepreneur
20. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...
lost income
market
have good management
Proprietorship
21. The wealth produced in or near a community that provides employment and income to the local population is known as the...
Chamber of Commerce
economic base
partnership
Lack of expertise
22. Which of the following is an internal problem that can lead to business failure?
Commercial loans; Venture capitalists
Legal restrictions on activities
break-even point
Lack of expertise
23. Which of the following is an intangible asset?
Name of the business; Goodwill
Tax burdens; Human resource planning
the employment interview
key person insurance
24. 2/10 - N/30 means...
a 2% discount if invoice is paid within 10 days - net due in 30 days
Proprietorship
Personal checks
proprietorship
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...
corporation
Indemnity
lost income
advertising
26. 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...
break-even point
mark-up
markdown
American's with Disabilities Act
27. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
inventory turnover
ADA
entrepreneur
Legal restrictions on activities; Lack of personal interest
28. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Civil Rights Act
Legal restrictions on activities
working capital; circulating capital
revolving account; open-end credit
29. An external problem that can lead to small business failure is...
new venture plan; business plan
Better Business Bureau
consumerism
Installment credit
30. The difference between merchandise cost and the selling price is known as the...
revolving account; open-end credit
market
2/10 - N30
mark-up
31. The art of making the public aware of one's products and/or services that are for sale can be referred to as...
break-even point
advertising
inventory control considerations
Legal restrictions on activities
32. Any capital that is invested in a business by the owner(s) can be called...
entrepreneur
equity capital
demographics
a structured interview
33. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
economic base
service business
manufacturing business
Chamber of Commerce
34. Which of the following are disadvantages of a sole proprietorship?
Tax burdens; Human resource planning
Unlimited liability; Limited management ability
working capital
economic base
35. Factors associated with evaluating a credit risk
Actively managed by stockholders
manufacturing business
corporation
inventory control considerations
36. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
working capital
evaluating; controlling
Legal restrictions on activities; Lack of personal interest
description
37. A particular business that provides a service as opposed to a product is referred to as a...
service business
equity capital
fixed capital
partnership
38. Which of the following is normally NOT a source of published market data?
Legal restrictions on activities; Lack of personal interest
American's with Disabilities Act
manufacturing business
Census of banking
39. Which of the following is not a consideration concerning the selection of suppliers?
Large financial capacity; Limited liability of each owner (stockholder)
Whether or not they have an acceptable accounts receivable ratio
Civil Rights Act
Income trends in the community
40. Which of the following are disadvantages of a partnership?
manufacturing business
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
a 2% discount if invoice is paid within 10 days - net due in 30 days
equity capital
41. Long-term capital that is invested in a business is referred to as...
fixed capital
Some losses from bad debts and customers with fraudulent intentions are bound to occur
Large financial capacity; Limited liability of each owner (stockholder)
economic order quantity
42. Which of the following is an external problem and risk of business ownership?
manufacturing business
Equal Pay Act of 1963
Tax burdens; Human resource planning
working capital; circulating capital
43. 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...
Actively managed by stockholders
inventory control considerations
variable expense
working capital; circulating capital
44. Which of the following is NOT a type of consumer credit?
Small Business Administration
equity capital
Ease of starting; Profit incentive
Personal checks
45. Business interruption insurance covers
economic base
Repairs
lost income
service business
46. Long term capital invested in the business is...
Credit customers are more interested in quality and service than price
Better Business Bureau
fixed capital
Tax burdens; Human resource planning
47. The current asset items consisting of cash - inventories - and accounts receivables is known as...
circulating capital
an entrepreneur
Financial shortages
market
48. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
competition
Civil Rights Act
Census of banking
market
49. Which of the following statements is TRUE concerning consumer credit?
the employment interview
Equal Pay Act of 1963
Credit customers are more interested in quality and service than price
advertising
50. A strategy available to absorb risks would be...
to self-insure
Sales are increased; Goodwill is built-up and easily maintained
equity capital
working capital
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