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. Which of the following are advantages of a corporation?






2. 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...






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






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






5. An interview whereby the applicant is asked a pre-determined set of questions is known as...






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






7. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...






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






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






10. Which of the following laws prohibits discrimination against any qualified individual with a disability?

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






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






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






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






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






16. A source of debt capital would include






17. 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...






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






19. Life insurance that protects a firm against losses due to the death of a key employee is known as...






20. Which of the following is normally NOT a source of published market data?






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






22. Which of the following is NOT included on the employment application?

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






24. 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...






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






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






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






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






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






30. Which of the following is an intangible asset?






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






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






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






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






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






36. Which of the following are functions of management?






37. Rent is an example of a...






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






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






40. Which of the following is NOT used to measure the success of advertising?






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






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






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






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






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






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






47. A small business is not...






48. A strategy available to absorb risks would be...






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






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