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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. Life insurance that protects a firm against losses due to the death of a key employee is known as...
Applicant's sex
Chamber of Commerce
inventory control considerations
key person insurance
2. 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...
evaluating; controlling
Legal restrictions on activities; Lack of personal interest
corporation
Tax burdens; Human resource planning
3. Selling a business's accounts receivable for cash to a third party is referred to as...
manufacturing business
partnership
Terms of the sale
factoring
4. A management function which compares organizational and individual performance with predetermined standards or expected results is...
Legal restrictions on activities
controlling
to determine where the potential customers are
Terms of the sale
5. 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...
variable expense
inventory turnover
a structured interview
demographics
6. Which of the following is NOT a consumer buying motive?
Indemnity
inventory turnover
credit application
Legal restrictions on activities; Lack of personal interest
7. Which of the following statements is TRUE concerning consumer credit?
consumer credit
Credit customers are more interested in quality and service than price
break-even point
Name of the business; Goodwill
8. Which of the following are advantages of extending credit?
Sales are increased; Goodwill is built-up and easily maintained
break-even point
evaluating; controlling
economic base
9. An interview whereby the applicant is asked a pre-determined set of questions is known as...
a structured interview
Equal Pay Act of 1963
lost income
risk management
10. The simplest and most common legal form of business ownership is...
consumer credit
controlling
Legal restrictions on activities
sole proprietorship
11. Which of the following are functions of management?
consumerism
Repairs
Applicant's sex
controlling; actuating
12. 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...
partnership
Equal Pay Act of 1963
a business plan
sole proprietorship
13. The difference between current assets and current liabilities is...
Actively managed by stockholders
working capital; circulating capital
OSHA
key person insurance
14. A line of credit that may b e used over and over again up to a certain borrowing limit is called...
to determine where the potential customers are
credit application
lost income
revolving account; open-end credit
15. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
variable expense
Sales are increased; Goodwill is built-up and easily maintained
new venture plan; business plan
Indemnity
16. Which of the following are disadvantages of a sole proprietorship?
an entrepreneur
Terms of the sale
market
Unlimited liability; Limited management ability
17. Which of the following are advantages of a sole proprietorship?
an entrepreneur
Personal checks
Civil Rights Act
Ease of starting; Profit incentive
18. Which of the following is NOT a way to reduce risks?
Indemnity
the religion of the applicant
Take on more risks
evaluating; controlling
19. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
manufacturing business
inventory turnover
Income trends in the community
Installment credit
20. Which of the following is an external problem and risk of business ownership?
advertising
inventory control considerations
Tax burdens; Human resource planning
Directing
21. A common business credit/sales tern is...
Chamber of Commerce
Efficiency of labor; Combined management - talent and capital
working capital
2/10 - N30
22. A strategy available to absorb risks would be...
a structured interview
Efficiency of labor; Combined management - talent and capital
to self-insure
fixed capital
23. An external problem that can lead to small business failure is...
break-even point
consumer credit
2/10 - N30
consumerism
24. A small business is not...
Efficiency of labor; Combined management - talent and capital
inventory control considerations
equity capital
Actively managed by stockholders
25. The number of times the average inventory has been sold or used up during a period is known as...
have good management
inventory turnover
evaluating; controlling
lost income
26. The quantity to be purchased which minimizes total cost is referred to as the...
economic order quantity
Tax burdens; Human resource planning
circulating capital
controlling
27. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?
equity capital
Census of banking
partnership
Proprietorship
28. Which of the following is an example of a variable expense?
partnership
entrepreneur
Legal restrictions on activities
Repairs
29. Which of the following are advantages of a partnership?
Census of banking
Chamber of Commerce
a structured interview
Efficiency of labor; Combined management - talent and capital
30. The difference between merchandise cost and the selling price is known as the...
mark-up
working capital; circulating capital
a structured interview
Take on more risks
31. Which of the following laws prohibits discrimination against any qualified individual with a disability?
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32. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...
factoring
mark-up
consumer credit
American's with Disabilities Act
33. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...
description
evaluating; controlling
inventory turnover
market
34. Business interruption insurance covers
a structured interview
lost income
controlling
market
35. Rent is an example of a...
to self-insure
Legal restrictions on activities; Lack of personal interest
fixed expense
evaluating; controlling
36. A plan which provides inducements to potential purchasers of products and/or services is called...
the employment interview
a 2% discount if invoice is paid within 10 days - net due in 30 days
Whether or not they have an acceptable accounts receivable ratio
sales promotions
37. The current asset items consisting of cash - inventories - and accounts receivables is known as...
circulating capital
revolving account; open-end credit
partnership
Tax burdens; Human resource planning
38. Which of the following is NOT used to measure the success of advertising?
Actively managed by stockholders
Income trends in the community
Ease of starting; Profit incentive
Personal checks
39. A particular business that provides a service as opposed to a product is referred to as a...
entrepreneur
lost income
a business plan
service business
40. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
to determine where the potential customers are
Lack of expertise
risk management
equity capital
41. A source of debt capital would include
working capital; circulating capital
fixed capital
commercial loans
Lack of expertise
42. The wealth produced in or near a community that provides employment and income to the local population is known as the...
inventory control considerations
Sales are increased; Goodwill is built-up and easily maintained
economic base
market
43. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...
risk management
sole proprietorship
trade credit
CBD
44. Which of the following is an internal problem that can contribute to the failure of a business?
Proprietorship
Financial shortages
market
commercial loans
45. Which of the following is an internal problem that can lead to business failure?
Lack of expertise
Directing
evaluating; controlling
consumerism
46. Capital that is investe4d in the business by the owner(s) is known as...
Commercial loans; Venture capitalists
equity capital; personal capital
Installment credit
new venture plan; business plan
47. Long term capital invested in the business is...
a qualification that is absolutely necessary
fixed capital
advertising
Actively managed by stockholders
48. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...
OSHA
inventory control considerations
break-even point
advertising
49. Which of the following is an intangible asset?
working capital; circulating capital
Name of the business; Goodwill
economic order quantity
sole proprietorship
50. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as...
a business plan
Repairs
Efficiency of labor; Combined management - talent and capital
Lack of expertise
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