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Test your basic knowledge |
Small Business Management
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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 small business is not...
Actively managed by stockholders
Civil Rights Act
working capital
variable expense
2. The simplest and most common legal form of business ownership is...
inventory control considerations
2/10 - N30
mark-up
sole proprietorship
3. 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...
break-even point
Credit customers are more interested in quality and service than price
Sales are increased; Goodwill is built-up and easily maintained
inventory turnover
4. Which of the following is a requirement for a building layout?
Accessibility
break-even point
Repairs
Actively managed by stockholders
5. Capital that is investe4d in the business by the owner(s) is known as...
market
equity capital
equity capital; personal capital
consumer credit
6. Which of the following is an example of a variable expense?
demographics
Repairs
have good management
factoring
7. Which of the following are functions of management?
to determine where the potential customers are
controlling; actuating
Better Business Bureau
economic order quantity
8. A management function which compares organizational and individual performance with predetermined standards or expected results is...
Efficiency of labor; Combined management - talent and capital
inventory control considerations
to determine where the potential customers are
controlling
9. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
the religion of the applicant
Small Business Administration
Chamber of Commerce
fixed capital
10. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as...
Tax burdens; Human resource planning
Small Business Administration
inventory turnover
a business plan
11. Which of the following statements is TRUE concerning consumer credit?
Credit customers are more interested in quality and service than price
Large financial capacity; Limited liability of each owner (stockholder)
the religion of the applicant
Lack of expertise
12. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
Terms of the sale
to determine where the potential customers are
competition
demographics
13. 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...
inventory turnover
corporation
Large financial capacity; Limited liability of each owner (stockholder)
Legal restrictions on activities
14. The principal government agency concerned with the financing - operation - and management of small businesses is the
Large financial capacity; Limited liability of each owner (stockholder)
Better Business Bureau
Small Business Administration
manufacturing business
15. A line of credit that may b e used over and over again up to a certain borrowing limit is called...
revolving account; open-end credit
CBD
equity capital
Terms of the sale
16. 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...
partnership
entrepreneur
Legal restrictions on activities
Civil Rights Act
17. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
ADA
economic order quantity
risk management
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
18. Which of the following is normally NOT a source of published market data?
Census of banking
corporation
Repairs
advertising
19. Which of the following is not a consideration concerning the selection of suppliers?
Legal restrictions on activities
circulating capital
a structured interview
Whether or not they have an acceptable accounts receivable ratio
20. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
competition
inventory turnover
sales promotions
corporation
21. Long term capital invested in the business is...
revolving account; open-end credit
fixed capital
have good management
Indemnity
22. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
Small Business Administration
Directing
equity capital
American's with Disabilities Act
23. 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...
consumer credit
demographics
equity capital; personal capital
Applicant's sex
24. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?
circulating capital
advertising
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
Proprietorship
25. A factor to be considered with the evaluation of a credit risk would be the...
factoring
credit application
inventory turnover
commercial loans
26. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Civil Rights Act
inventory control considerations
key person insurance
to determine where the potential customers are
27. Which of the following are disadvantages of a sole proprietorship?
service business
Unlimited liability; Limited management ability
the religion of the applicant
factoring
28. A strategy to minimize risk would be to...
service business
have good management
Repairs
controlling
29. A point in business operations whereby total sales revenue equals total costs
ADA
circulating capital
break-even point
Repairs
30. The main objective in a market survey is...
to determine where the potential customers are
service business
Applicant's sex
equity capital; personal capital
31. The current asset items consisting of cash - inventories - and accounts receivables is known as...
OSHA
circulating capital
markdown
an entrepreneur
32. A strategy available to absorb risks would be...
to self-insure
working capital; circulating capital
demographics
Chamber of Commerce
33. One who organizes - manages - and assumes the risk of a business form or venture is known as...
proprietorship
American's with Disabilities Act
an entrepreneur
Terms of the sale
34. Any capital that is invested in a business by the owner(s) can be called...
equity capital
equity capital; personal capital
Small Business Administration
Efficiency of labor; Combined management - talent and capital
35. Which of the following are disadvantages of a corporation?
new venture plan; business plan
Ease of starting; Profit incentive
Legal restrictions on activities; Lack of personal interest
intangible assets
36. The wealth produced in or near a community that provides employment and income to the local population is known as the...
Civil Rights Act
economic base
sales promotions
Commercial loans; Venture capitalists
37. The art of making the public aware of one's products and/or services that are for sale can be referred to as...
break-even point
advertising
partnership
trade credit
38. An interview whereby the applicant is asked a pre-determined set of questions is known as...
inventory turnover
working capital; circulating capital
break-even point
a structured interview
39. Which of the following is NOT a type of consumer credit?
revolving account; open-end credit
Personal checks
Small Business Administration
lost income
40. The form of legal organization that is owned and operated by one person is the...
risk management
Legal restrictions on activities; Lack of personal interest
proprietorship
new venture plan; business plan
41. Which of the following is NOT an advantage of a corporation?
advertising
market
Legal restrictions on activities
Chamber of Commerce
42. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...
Legal restrictions on activities; Lack of personal interest
working capital; circulating capital
OSHA
Large financial capacity; Limited liability of each owner (stockholder)
43. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
partnership
description
inventory control considerations
merchandising business
44. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
new venture plan; business plan
controlling
risk management
Terms of the sale
45. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
Sales are increased; Goodwill is built-up and easily maintained
entrepreneur
Small Business Administration
credit application
46. Which of the following are advantages of extending credit?
Sales are increased; Goodwill is built-up and easily maintained
to self-insure
Actively managed by stockholders
a 2% discount if invoice is paid within 10 days - net due in 30 days
47. 2/10 - N/30 means...
a 2% discount if invoice is paid within 10 days - net due in 30 days
variable expense
Credit customers are more interested in quality and service than price
inventory turnover
48. Which of the following is an intangible asset?
Name of the business; Goodwill
Applicant's sex
equity capital; personal capital
Sales are increased; Goodwill is built-up and easily maintained
49. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...
Credit customers are more interested in quality and service than price
Ease of starting; Profit incentive
entrepreneur
consumer credit
50. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?
CBD
Repairs
to determine where the potential customers are
American's with Disabilities Act
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