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






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






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






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






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






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






7. The simplest and most common legal form of business ownership is...






8. A BFOQ is...






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






10. Which of the following is an intangible asset?






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






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






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






14. Which of the following would NOT be an insurance risk to consider?






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






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






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






18. In business - the name - goodwill - copyrights - and patents are referred to as...






19. 2/10 - N/30 means...






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






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






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






23. The art of making the public aware of one's products and/or services that are for sale can be referred to as...






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






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






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...






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






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






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






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






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






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






33. Which of the following is not a consideration concerning the selection of suppliers?






34. Any capital that is invested in a business by the owner(s) can be called...






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






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






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






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






39. A line of credit that may b e used over and over again up to a certain borrowing limit is called...






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






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






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






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






44. Business interruption insurance covers






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






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






47. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?






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






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






50. 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...