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






2. 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...






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


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






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






6. Which of the following are disadvantages of a partnership?






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






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






9. A particular business that provides a service as opposed to a product is referred to as a...






10. 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...






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






12. Which of the following is an external problem and risk of business ownership?






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






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






15. Capital that is invested in the business by the owner(s) is known as...






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






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






18. Which of the following is an example of a variable expense?






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






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






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






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






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






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






25. Which of the following is an intangible asset?






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






27. Business interruption insurance covers






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






29. Factors associated with evaluating a credit risk






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






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






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






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






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






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






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






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






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






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






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






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






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






43. A source of debt capital would include






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






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






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






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






48. Which of the following are functions of management?






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






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