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 BFOQ is...






2. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...






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






4. 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...






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






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






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






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






9. Which of the following are functions of management?






10. Rent is an example of a...






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






12. 2/10 - N/30 means...






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






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






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






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






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






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






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






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






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






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






23. A management function which compares organization and individual performance with predetermined standards or expected results is known as...






24. Which of the following is a requirement for a building layout?






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






26. 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...






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






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






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






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






31. A common business credit/sales tern is...






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






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

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






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






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

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






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






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






40. 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...






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






42. Factors associated with evaluating a credit risk






43. Business interruption insurance covers






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






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






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






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






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






49. The form of legal organization that is owned and operated by one person is the...






50. 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...