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






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






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






4. Business interruption insurance covers






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






6. An external problem that can lead to small business failure is...






7. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?






8. A BFOQ is...






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






28. 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...






29. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?






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






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






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






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






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






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






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






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






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






39. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...






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






41. 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...






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






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






44. 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...






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






46. Which of the following is an intangible asset?






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






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






49. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...






50. Which of the following are disadvantages of a sole proprietorship?