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. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...






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






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






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






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






6. A BFOQ is...






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






8. 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...






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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

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






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






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






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






34. Which of the following is an intangible asset?






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

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






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






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






39. 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...






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






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






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






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






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






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






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






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






48. Which of the following are functions of management?






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






50. 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...