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Small Business Management

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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 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...
Legal restrictions on activities; Lack of personal interest
Small Business Administration
equity capital
variable expense

2. A business that makes finished goods from raw materials by hand or machinery is referred to as a...
to self-insure
manufacturing business
partnership
fixed capital

3. A plan which provides inducements to potential purchasers of products and/or services is called...
a structured interview
Chamber of Commerce
sales promotions
a 2% discount if invoice is paid within 10 days - net due in 30 days

4. A source of debt capital would include
commercial loans
CBD
new venture plan; business plan
a qualification that is absolutely necessary

5. The number of times the average inventory has been sold or used up during a period is known as...
Unlimited liability; Limited management ability
ADA
inventory turnover
revolving account; open-end credit

6. The principal government agency concerned with the financing - operation - and management of small businesses is the
Actively managed by stockholders
Small Business Administration
sole proprietorship
fixed expense

7. Long term capital invested in the business is...
an entrepreneur
fixed capital
partnership
Applicant's sex

8. A management function which compares organizational and individual performance with predetermined standards or expected results is...
demographics
Large financial capacity; Limited liability of each owner (stockholder)
variable expense
controlling

9. Capital that is investe4d in the business by the owner(s) is known as...
circulating capital
risk management
advertising
equity capital; personal capital

10. Which of the following are advantages of a partnership?
Efficiency of labor; Combined management - talent and capital
Legal restrictions on activities; Lack of personal interest
competition
merchandising business

11. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
proprietorship
Installment credit
Whether or not they have an acceptable accounts receivable ratio
break-even point

12. Long-term capital that is invested in a business is referred to as...
Legal restrictions on activities; Lack of personal interest
advertising
equity capital
fixed capital

13. Factors associated with evaluating a credit risk
inventory control considerations
revolving account; open-end credit
Civil Rights Act
market

14. A BFOQ is...
Unlimited liability; Limited management ability
a qualification that is absolutely necessary
credit application
Name of the business; Goodwill

15. Business interruption insurance covers
lost income
working capital
consumer credit
markdown

16. 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...
lost income
Census of banking
to self-insure
demographics

17. The simplest and most common legal form of business ownership is...
demographics
sole proprietorship
consumer credit
controlling; actuating

18. Which of the following is not a consideration concerning the selection of suppliers?
Personal checks
Whether or not they have an acceptable accounts receivable ratio
market
description

19. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
Whether or not they have an acceptable accounts receivable ratio
new venture plan; business plan
circulating capital
Civil Rights Act

20. Life insurance that protects a firm against losses due to the death of a key employee is known as...
description
partnership
key person insurance
service business

21. Which of the following is NOT a consumer buying motive?
fixed capital
consumerism
Personal checks
Indemnity

22. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
evaluating; controlling
controlling; actuating
Chamber of Commerce
demographics

23. Which of the following is an internal problem that can contribute to the failure of a business?
Small Business Administration
equity capital
Financial shortages
manufacturing business

24. A common business credit/sales tern is...
merchandising business
risk management
Actively managed by stockholders
2/10 - N30

25. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...
trade credit
consumer credit
market
Chamber of Commerce

26. Rent is an example of a...
fixed expense
Some losses from bad debts and customers with fraudulent intentions are bound to occur
working capital
2/10 - N30

27. Which of the following statements is TRUE concerning consumer credit?
break-even point
Civil Rights Act
corporation
Credit customers are more interested in quality and service than price

28. Which of the following are advantages of a corporation?
sole proprietorship
Large financial capacity; Limited liability of each owner (stockholder)
economic order quantity
Proprietorship

29. A strategy available to absorb risks would be...
Applicant's sex
a qualification that is absolutely necessary
a 2% discount if invoice is paid within 10 days - net due in 30 days
to self-insure

30. Which of the following are disadvantages of a corporation?
inventory turnover
Legal restrictions on activities; Lack of personal interest
a qualification that is absolutely necessary
Financial shortages

31. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?
factoring
consumerism
CBD
Sales are increased; Goodwill is built-up and easily maintained

32. The current asset items consisting of cash - inventories - and accounts receivables is known as...
markdown
equity capital
circulating capital
new venture plan; business plan

33. In business - a reduction of selling price below the original selling price is referred to as...
demographics
circulating capital
demographics
markdown

34. Which of the following is NOT used to measure the success of advertising?
partnership
Income trends in the community
equity capital
Sales are increased; Goodwill is built-up and easily maintained

35. Which of the following are functions of management?
Applicant's sex
Efficiency of labor; Combined management - talent and capital
controlling; actuating
Take on more risks

36. Which of the following is an intangible asset?
2/10 - N30
commercial loans
Whether or not they have an acceptable accounts receivable ratio
Name of the business; Goodwill

37. Capital that is invested in the business by the owner(s) is known as...
demographics
a qualification that is absolutely necessary
Actively managed by stockholders
equity capital

38. Which of the following would NOT be an insurance risk to consider?
Tax burdens; Human resource planning
evaluating; controlling
Terms of the sale
lost income

39. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
Installment credit
competition
fixed expense
Small Business Administration

40. A factor to be considered with the evaluation of a credit risk would be the...
inventory turnover
Census of banking
credit application
consumer credit

41. Selling a business's accounts receivable for cash to a third party is referred to as...
Indemnity
economic order quantity
factoring
Civil Rights Act

42. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
Repairs
corporation
entrepreneur
equity capital

43. All of the following are factors which can affect the recruitment and selection of employees except
revolving account; open-end credit
have good management
the religion of the applicant
economic order quantity

44. The difference between current assets and current liabilities is...
working capital
commercial loans
economic base
Applicant's sex

45. In business - the name - goodwill - copyrights - and patents are referred to as...
a business plan
evaluating; controlling
intangible assets
Large financial capacity; Limited liability of each owner (stockholder)

46. 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
Personal checks
Chamber of Commerce

47. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
mark-up
new venture plan; business plan
Some losses from bad debts and customers with fraudulent intentions are bound to occur
Directing

48. A line of credit that may b e used over and over again up to a certain borrowing limit is called...
risk management
revolving account; open-end credit
have good management
Indemnity

49. Which of the following is NOT a way to reduce risks?
Take on more risks
Commercial loans; Venture capitalists
partnership
trade credit

50. Which of the following is a requirement for a building layout?
key person insurance
competition
Accessibility
a structured interview

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Small Business Management

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