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 form of legal organization that is owned and operated by one person is the...






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






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






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






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






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






7. 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...






8. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...






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






10. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...






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






12. Which of the following is an intangible asset?






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






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






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






16. Factors associated with evaluating a credit risk






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






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






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






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






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






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






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






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






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






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






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






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






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






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






31. A source of debt capital would include






32. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?






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






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






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






36. 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...






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






38. Which of the following are advantages of a sole proprietorship?






39. A BFOQ is...






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






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






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






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






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






45. Business interruption insurance covers






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






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






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






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






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