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Test your basic knowledge |
Small Business Management
Start Test
Study First
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 group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...
fixed expense
risk management
market
markdown
2. Business interruption insurance covers
lost income
demographics
sole proprietorship
equity capital
3. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
evaluating; controlling
circulating capital
commercial loans
Legal restrictions on activities
4. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
inventory control considerations
an entrepreneur
Whether or not they have an acceptable accounts receivable ratio
demographics
5. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...
OSHA
advertising
Indemnity
Commercial loans; Venture capitalists
6. The number of times the average inventory has been sold or used up during a period is known as...
proprietorship
factoring
Large financial capacity; Limited liability of each owner (stockholder)
inventory turnover
7. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
risk management
equity capital
trade credit
Small Business Administration
8. Which of the following are disadvantages of a partnership?
Equal Pay Act of 1963
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
Lack of expertise
Ease of starting; Profit incentive
9. Capital that is invested in the business by the owner(s) is known as...
circulating capital
equity capital
new venture plan; business plan
ADA
10. A BFOQ is...
a qualification that is absolutely necessary
a structured interview
competition
factoring
11. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
the employment interview
Accessibility
working capital; circulating capital
Terms of the sale
12. Which of the following are disadvantages of a corporation?
Repairs
Legal restrictions on activities; Lack of personal interest
Commercial loans; Venture capitalists
economic base
13. The wealth produced in or near a community that provides employment and income to the local population is known as the...
economic base
commercial loans
to self-insure
consumerism
14. Which of the following is NOT an advantage of a corporation?
key person insurance
Financial shortages
Legal restrictions on activities
Legal restrictions on activities; Lack of personal interest
15. A particular business that provides a service as opposed to a product is referred to as a...
mark-up
service business
fixed capital
break-even point
16. 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...
variable expense
proprietorship
sole proprietorship
mark-up
17. 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...
corporation
trade credit
OSHA
Census of banking
18. Which of the following laws prohibits discrimination against any qualified individual with a disability?
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19. A factor to be considered with the evaluation of a credit risk would be the...
Lack of expertise
sales promotions
credit application
American's with Disabilities Act
20. A common business credit/sales tern is...
2/10 - N30
description
Tax burdens; Human resource planning
entrepreneur
21. An external problem that can lead to small business failure is...
OSHA
Civil Rights Act
Name of the business; Goodwill
consumerism
22. Which of the following are examples of debt capital?
Better Business Bureau
Commercial loans; Venture capitalists
break-even point
credit application
23. A source of debt capital would include
commercial loans
credit application
demographics
factoring
24. A document that lists the major responsibilities and tasks of the job is known as a job
sole proprietorship
equity capital; personal capital
Census of banking
description
25. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
Directing
Efficiency of labor; Combined management - talent and capital
Installment credit
Applicant's sex
26. Which of the following would NOT be an insurance risk to consider?
trade credit
Terms of the sale
Financial shortages
OSHA
27. In business - the name - goodwill - copyrights - and patents are referred to as...
intangible assets
advertising
the employment interview
Tax burdens; Human resource planning
28. Which of the following is NOT a consumer buying motive?
manufacturing business
Indemnity
Whether or not they have an acceptable accounts receivable ratio
Proprietorship
29. Long-term capital that is invested in a business is referred to as...
have good management
evaluating; controlling
fixed capital
Name of the business; Goodwill
30. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...
consumer credit
economic order quantity
the religion of the applicant
partnership
31. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
controlling
risk management
ADA
equity capital; personal capital
32. Which of the following statements is TRUE concerning consumer credit?
Credit customers are more interested in quality and service than price
break-even point
Legal restrictions on activities
Lack of expertise
33. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...
consumer credit
a business plan
Better Business Bureau
Terms of the sale
34. 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...
lost income
Installment credit
factoring
partnership
35. In a business - the number of times the average inventory is sold or used up can be referred to as...
inventory turnover
merchandising business
sole proprietorship
demographics
36. Which of the following is NOT used to measure the success of advertising?
Applicant's sex
ADA
Income trends in the community
controlling
37. The difference between merchandise cost and the selling price is known as the...
entrepreneur
mark-up
Financial shortages
Ease of starting; Profit incentive
38. The simplest and most common legal form of business ownership is...
Tax burdens; Human resource planning
intangible assets
CBD
sole proprietorship
39. The form of legal organization that is owned and operated by one person is the...
variable expense
a structured interview
proprietorship
demographics
40. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
Tax burdens; Human resource planning
new venture plan; business plan
economic order quantity
corporation
41. The quantity to be purchased which minimizes total cost is referred to as the...
economic order quantity
sole proprietorship
service business
circulating capital
42. Which of the following is an example of a variable expense?
new venture plan; business plan
Repairs
Proprietorship
factoring
43. Factors associated with evaluating a credit risk
inventory control considerations
Commercial loans; Venture capitalists
fixed capital
circulating capital
44. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?
description
Some losses from bad debts and customers with fraudulent intentions are bound to occur
fixed expense
Proprietorship
45. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
Equal Pay Act of 1963
corporation
Accessibility
competition
46. Which of the following are advantages of a corporation?
economic base
Large financial capacity; Limited liability of each owner (stockholder)
Terms of the sale
sales promotions
47. Which of the following are advantages of a sole proprietorship?
Ease of starting; Profit incentive
break-even point
competition
controlling; actuating
48. Which of the following are functions of management?
circulating capital
new venture plan; business plan
controlling; actuating
working capital
49. Which of the following is an intangible asset?
corporation
Name of the business; Goodwill
controlling
a qualification that is absolutely necessary
50. Which of the following is NOT included on the employment application?
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