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 functions of management?






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






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






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






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






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






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






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






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






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






11. 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...






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






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






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






15. Which of the following laws prohibits discrimination against any qualified individual with a disability?


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






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






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






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






20. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...






21. A point in business operations whereby total sales revenue equals total costs






22. A small business is not...






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






24. 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...






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






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






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






28. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...






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






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






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






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






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






34. 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...






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






36. 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...






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






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






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






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






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






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






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






44. A business that makes finished goods from raw materials by hand or machinery is referred to as a...






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






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






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






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






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






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