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






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






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






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


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






6. 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...






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






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






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






10. 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...






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






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






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






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






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






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






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






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






19. Which of the following are advantages of a sole proprietorship?






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






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






22. 2/10 - N/30 means...






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






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






25. 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...






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






27. The wealth produced in or near a community that provides employment and income to the local population is known as the...






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






45. Rent is an example of a...






46. A small business is not...






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






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






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






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