SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Small Business Management
Start Test
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. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
trade credit
Large financial capacity; Limited liability of each owner (stockholder)
equity capital; personal capital
risk management
2. In a business - the number of times the average inventory is sold or used up can be referred to as...
proprietorship
controlling
factoring
inventory turnover
3. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
demographics
factoring
Take on more risks
fixed expense
4. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
equity capital
demographics
partnership
a 2% discount if invoice is paid within 10 days - net due in 30 days
5. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
an entrepreneur
have good management
competition
trade credit
6. A document that lists the major responsibilities and tasks of the job is known as a job
description
trade credit
an entrepreneur
revolving account; open-end credit
7. Long term capital invested in the business is...
demographics
circulating capital
fixed capital
Proprietorship
8. Which of the following would NOT be an insurance risk to consider?
Terms of the sale
equity capital
Accessibility
Better Business Bureau
9. The art of making the public aware of one's products and/or services that are for sale can be referred to as...
advertising
working capital; circulating capital
Civil Rights Act
a business plan
10. 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...
equity capital; personal capital
working capital; circulating capital
demographics
entrepreneur
11. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?
a qualification that is absolutely necessary
Proprietorship
consumer credit
American's with Disabilities Act
12. A strategy to minimize risk would be to...
service business
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
circulating capital
have good management
13. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?
Credit customers are more interested in quality and service than price
CBD
variable expense
equity capital
14. 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...
market
break-even point
merchandising business
corporation
15. A business that purchases finished goods for resale is referred to as a...
lost income
Efficiency of labor; Combined management - talent and capital
merchandising business
economic order quantity
16. A BFOQ is...
revolving account; open-end credit
a qualification that is absolutely necessary
fixed expense
competition
17. The quantity to be purchased which minimizes total cost is referred to as the...
have good management
economic order quantity
Repairs
variable expense
18. A small business is not...
Lack of expertise
Actively managed by stockholders
Equal Pay Act of 1963
Accessibility
19. 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...
factoring
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
partnership
Ease of starting; Profit incentive
20. The difference between current assets and current liabilities is...
corporation
working capital; circulating capital
revolving account; open-end credit
the religion of the applicant
21. 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...
demographics
variable expense
Some losses from bad debts and customers with fraudulent intentions are bound to occur
Personal checks
22. Which of the following are advantages of a sole proprietorship?
equity capital; personal capital
economic base
merchandising business
Ease of starting; Profit incentive
23. 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...
Commercial loans; Venture capitalists
a 2% discount if invoice is paid within 10 days - net due in 30 days
break-even point
a qualification that is absolutely necessary
24. Long-term capital that is invested in a business is referred to as...
fixed capital
equity capital
markdown
risk management
25. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as...
corporation
a business plan
fixed expense
demographics
26. A source of debt capital would include
the religion of the applicant
proprietorship
break-even point
commercial loans
27. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
Terms of the sale
ADA
corporation
equity capital
28. One who organizes - manages - and assumes the risk of a business form or venture is known as...
an entrepreneur
break-even point
equity capital; personal capital
Name of the business; Goodwill
29. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
evaluating; controlling
Terms of the sale
key person insurance
Some losses from bad debts and customers with fraudulent intentions are bound to occur
30. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?
a structured interview
trade credit
a qualification that is absolutely necessary
Equal Pay Act of 1963
31. Which of the following is an internal problem that can contribute to the failure of a business?
Name of the business; Goodwill
Financial shortages
service business
markdown
32. 2/10 - N/30 means...
Whether or not they have an acceptable accounts receivable ratio
revolving account; open-end credit
controlling
a 2% discount if invoice is paid within 10 days - net due in 30 days
33. Which of the following is NOT a way to reduce risks?
Take on more risks
a structured interview
corporation
ADA
34. Which of the following is normally NOT a source of published market data?
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
markdown
have good management
Census of banking
35. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...
OSHA
Proprietorship
entrepreneur
controlling
36. In business - the name - goodwill - copyrights - and patents are referred to as...
key person insurance
sales promotions
controlling; actuating
intangible assets
37. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Civil Rights Act
corporation
markdown
entrepreneur
38. Which of the following is NOT a type of consumer credit?
Unlimited liability; Limited management ability
corporation
Personal checks
break-even point
39. The number of times the average inventory has been sold or used up during a period is known as...
lost income
inventory turnover
circulating capital
Take on more risks
40. Which of the following is NOT used to measure the success of advertising?
merchandising business
Income trends in the community
Legal restrictions on activities; Lack of personal interest
Indemnity
41. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
consumer credit
Installment credit
Lack of expertise
Actively managed by stockholders
42. Any capital that is invested in a business by the owner(s) can be called...
Terms of the sale
equity capital
key person insurance
consumerism
43. Which of the following is a requirement for a building layout?
economic order quantity
factoring
proprietorship
Accessibility
44. Which of the following are functions of management?
OSHA
controlling; actuating
evaluating; controlling
variable expense
45. A point in business operations whereby total sales revenue equals total costs
to determine where the potential customers are
Better Business Bureau
break-even point
consumerism
46. Which of the following are disadvantages of a sole proprietorship?
sales promotions
Unlimited liability; Limited management ability
the employment interview
an entrepreneur
47. Which of the following is NOT a consumer buying motive?
Indemnity
credit application
Name of the business; Goodwill
inventory control considerations
48. A strategy available to absorb risks would be...
the employment interview
Indemnity
to self-insure
demographics
49. Capital that is invested in the business by the owner(s) is known as...
economic order quantity
equity capital
markdown
Sales are increased; Goodwill is built-up and easily maintained
50. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
inventory turnover
mark-up
equity capital
new venture plan; business plan