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






2. Which of the following is NOT an advantage of a corporation?






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






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






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






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






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






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






9. 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...






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






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






12. 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...






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






14. 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...






15. In a business - the number of times the average inventory is sold or used up can be referred to as...






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






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






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






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






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






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






22. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?






23. Which of the following are examples of debt capital?






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






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






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






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






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






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






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






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






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






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






34. Business interruption insurance covers






35. The art of making the public aware of one's products and/or services that are for sale can be referred to as...






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






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






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






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






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






41. A source of debt capital would include






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






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






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






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






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






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






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






49. Which of the following are functions of management?






50. 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...