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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 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
factoring
Installment credit
manufacturing business
2. 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...
CBD
a 2% discount if invoice is paid within 10 days - net due in 30 days
sales promotions
break-even point
3. A line of credit that may b e used over and over again up to a certain borrowing limit is called...
inventory turnover
revolving account; open-end credit
working capital
controlling
4. Which of the following are advantages of a corporation?
variable expense
demographics
Actively managed by stockholders
Large financial capacity; Limited liability of each owner (stockholder)
5. 2/10 - N/30 means...
commercial loans
a 2% discount if invoice is paid within 10 days - net due in 30 days
American's with Disabilities Act
sales promotions
6. The wealth produced in or near a community that provides employment and income to the local population is known as the...
economic base
Small Business Administration
Sales are increased; Goodwill is built-up and easily maintained
corporation
7. The difference between current assets and current liabilities is...
working capital; circulating capital
sole proprietorship
Census of banking
equity capital
8. An interview whereby the applicant is asked a pre-determined set of questions is known as...
a structured interview
the employment interview
an entrepreneur
service business
9. A document that lists the major responsibilities and tasks of the job is known as a job
description
consumer credit
Financial shortages
risk management
10. Which of the following is an internal problem that can lead to business failure?
entrepreneur
Lack of expertise
commercial loans
inventory turnover
11. 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...
fixed capital
corporation
Applicant's sex
fixed capital
12. Which of the following are functions of management?
an entrepreneur
competition
Repairs
controlling; actuating
13. 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...
proprietorship
corporation
Terms of the sale
revolving account; open-end credit
14. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
manufacturing business
Whether or not they have an acceptable accounts receivable ratio
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
partnership
15. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
the religion of the applicant
demographics
Installment credit
trade credit
16. The simplest and most common legal form of business ownership is...
Name of the business; Goodwill
Commercial loans; Venture capitalists
sole proprietorship
an entrepreneur
17. Which of the following are advantages of a sole proprietorship?
Ease of starting; Profit incentive
Lack of expertise
controlling; actuating
Take on more risks
18. Which of the following are advantages of extending credit?
the religion of the applicant
Sales are increased; Goodwill is built-up and easily maintained
Credit customers are more interested in quality and service than price
Accessibility
19. Which of the following statements is TRUE concerning consumer credit?
Credit customers are more interested in quality and service than price
Better Business Bureau
Civil Rights Act
inventory control considerations
20. A management function which compares organizational and individual performance with predetermined standards or expected results is...
an entrepreneur
controlling
fixed capital
lost income
21. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?
Equal Pay Act of 1963
inventory turnover
2/10 - N30
the employment interview
22. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
consumerism
ADA
lost income
Credit customers are more interested in quality and service than price
23. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
market
the employment interview
a business plan
Commercial loans; Venture capitalists
24. An external problem that can lead to small business failure is...
description
consumerism
Legal restrictions on activities; Lack of personal interest
American's with Disabilities Act
25. A strategy available to absorb risks would be...
to self-insure
inventory turnover
equity capital; personal capital
manufacturing business
26. Which of the following is NOT a way to reduce risks?
working capital; circulating capital
Take on more risks
Terms of the sale
inventory control considerations
27. Capital that is invested in the business by the owner(s) is known as...
demographics
equity capital
inventory turnover
economic base
28. The number of times the average inventory has been sold or used up during a period is known as...
Tax burdens; Human resource planning
corporation
the religion of the applicant
inventory turnover
29. Which of the following is not a consideration concerning the selection of suppliers?
to self-insure
Whether or not they have an acceptable accounts receivable ratio
corporation
trade credit
30. The difference between current assets and current liabilities is...
working capital
partnership
mark-up
demographics
31. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...
working capital; circulating capital
Whether or not they have an acceptable accounts receivable ratio
Better Business Bureau
consumerism
32. In business - the name - goodwill - copyrights - and patents are referred to as...
working capital
OSHA
service business
intangible assets
33. Which of the following is an external problem and risk of business ownership?
Indemnity
Tax burdens; Human resource planning
partnership
Installment credit
34. A common business credit/sales tern is...
Commercial loans; Venture capitalists
Name of the business; Goodwill
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
2/10 - N30
35. One who organizes - manages - and assumes the risk of a business form or venture is known as...
market
partnership
Ease of starting; Profit incentive
an entrepreneur
36. All of the following are factors which can affect the recruitment and selection of employees except
Equal Pay Act of 1963
the religion of the applicant
Take on more risks
variable expense
37. Rent is an example of a...
fixed expense
evaluating; controlling
Whether or not they have an acceptable accounts receivable ratio
the employment interview
38. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
Installment credit
Legal restrictions on activities
demographics
partnership
39. Which of the following are disadvantages of a sole proprietorship?
Income trends in the community
Better Business Bureau
2/10 - N30
Unlimited liability; Limited management ability
40. Life insurance that protects a firm against losses due to the death of a key employee is known as...
Personal checks
to self-insure
Name of the business; Goodwill
key person insurance
41. Capital that is investe4d in the business by the owner(s) is known as...
Terms of the sale
equity capital; personal capital
Equal Pay Act of 1963
demographics
42. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
Financial shortages
OSHA
Chamber of Commerce
market
43. Factors associated with evaluating a credit risk
mark-up
working capital; circulating capital
inventory control considerations
to determine where the potential customers are
44. Which of the following is an intangible asset?
an entrepreneur
Take on more risks
American's with Disabilities Act
Name of the business; Goodwill
45. 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...
consumerism
inventory turnover
a structured interview
demographics
46. The form of legal organization that is owned and operated by one person is the...
Installment credit
equity capital
proprietorship
2/10 - N30
47. 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...
inventory turnover
economic base
sole proprietorship
partnership
48. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Civil Rights Act
inventory turnover
risk management
mark-up
49. The current asset items consisting of cash - inventories - and accounts receivables is known as...
circulating capital
Credit customers are more interested in quality and service than price
Income trends in the community
manufacturing business
50. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...
trade credit
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
evaluating; controlling
market
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