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 partnership?






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






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






4. A small business is not...






5. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...






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






7. Which of the following would NOT be an insurance risk to consider?






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






9. Rent is an example of a...






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






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






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






13. Which of the following are functions of management?






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






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






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






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






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






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






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






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






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






23. Which of the following statements is TRUE concerning consumer credit?






24. A particular business that provides a service as opposed to a product is referred to as a...






25. Selling a business's accounts receivable for cash to a third party is referred to as...






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






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






28. Which of the following is an internal problem that can lead to business failure?






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






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






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






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






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






34. Which of the following are examples of debt capital?






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






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






37. A line of credit that may b e used over and over again up to a certain borrowing limit is called...






38. Which of the following is a requirement for a building layout?






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






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

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41. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?






42. A plan which provides inducements to potential purchasers of products and/or services is called...






43. Which of the following is an intangible asset?






44. A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most United States employees - is known as...






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






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






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






48. The wealth produced in or near a community that provides employment and income to the local population is known as the...






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






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







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