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Test your basic knowledge |
Small Business Management
Start Test
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. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
fixed capital
proprietorship
entrepreneur
revolving account; open-end credit
2. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
inventory turnover
economic order quantity
evaluating; controlling
competition
3. Any capital that is invested in a business by the owner(s) can be called...
Financial shortages
economic order quantity
equity capital
inventory control considerations
4. 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...
demographics
Whether or not they have an acceptable accounts receivable ratio
Tax burdens; Human resource planning
Directing
5. Long-term capital that is invested in a business is referred to as...
economic base
Take on more risks
description
fixed capital
6. Which of the following statements is TRUE concerning consumer credit?
proprietorship
Credit customers are more interested in quality and service than price
mark-up
trade credit
7. Which of the following are disadvantages of a corporation?
controlling; actuating
controlling
Legal restrictions on activities; Lack of personal interest
Directing
8. A management function which compares organizational and individual performance with predetermined standards or expected results is...
advertising
controlling
credit application
consumerism
9. A common business credit/sales tern is...
2/10 - N30
to self-insure
Terms of the sale
Installment credit
10. A source of debt capital would include
an entrepreneur
Commercial loans; Venture capitalists
commercial loans
Terms of the sale
11. Which of the following would NOT be an insurance risk to consider?
Credit customers are more interested in quality and service than price
Terms of the sale
evaluating; controlling
working capital; circulating capital
12. An interview whereby the applicant is asked a pre-determined set of questions is known as...
revolving account; open-end credit
service business
equity capital
a structured interview
13. A line of credit that may b e used over and over again up to a certain borrowing limit is called...
fixed capital
revolving account; open-end credit
Name of the business; Goodwill
controlling; actuating
14. A small business is not...
inventory control considerations
Actively managed by stockholders
new venture plan; business plan
Unlimited liability; Limited management ability
15. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
the employment interview
inventory turnover
risk management
fixed capital
16. 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...
a qualification that is absolutely necessary
corporation
economic base
service business
17. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
the employment interview
a business plan
lost income
18. Which of the following are advantages of a sole proprietorship?
Ease of starting; Profit incentive
Lack of expertise
Chamber of Commerce
Sales are increased; Goodwill is built-up and easily maintained
19. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...
Ease of starting; Profit incentive
Directing
Installment credit
break-even point
20. Which of the following is an internal problem that can lead to business failure?
a 2% discount if invoice is paid within 10 days - net due in 30 days
Lack of expertise
new venture plan; business plan
Small Business Administration
21. 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...
to determine where the potential customers are
Some losses from bad debts and customers with fraudulent intentions are bound to occur
break-even point
fixed capital
22. Which of the following is NOT a type of consumer credit?
Take on more risks
equity capital; personal capital
consumer credit
Personal checks
23. Which of the following laws prohibits discrimination against any qualified individual with a disability?
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24. A business that purchases finished goods for resale is referred to as a...
Installment credit
Take on more risks
fixed capital
merchandising business
25. In business - a reduction of selling price below the original selling price is referred to as...
demographics
intangible assets
entrepreneur
markdown
26. Selling a business's accounts receivable for cash to a third party is referred to as...
market
working capital
factoring
Terms of the sale
27. 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...
partnership
fixed capital
variable expense
Chamber of Commerce
28. A BFOQ is...
lost income
Directing
equity capital
a qualification that is absolutely necessary
29. Which of the following is an example of a variable expense?
intangible assets
Unlimited liability; Limited management ability
Legal restrictions on activities; Lack of personal interest
Repairs
30. Legislation that guarantees disabled people equal access to employment - as well as access to public places - is known as...
advertising
Efficiency of labor; Combined management - talent and capital
ADA
Sales are increased; Goodwill is built-up and easily maintained
31. Capital that is investe4d in the business by the owner(s) is known as...
equity capital; personal capital
inventory turnover
equity capital
Chamber of Commerce
32. Which of the following is an intangible asset?
fixed capital
Name of the business; Goodwill
manufacturing business
trade credit
33. Which of the following are functions of management?
controlling; actuating
Income trends in the community
economic base
Some losses from bad debts and customers with fraudulent intentions are bound to occur
34. The main objective in a market survey is...
Equal Pay Act of 1963
inventory control considerations
to determine where the potential customers are
economic order quantity
35. A point in business operations whereby total sales revenue equals total costs
break-even point
intangible assets
Indemnity
controlling
36. The quantity to be purchased which minimizes total cost is referred to as the...
commercial loans
equity capital
economic order quantity
Large financial capacity; Limited liability of each owner (stockholder)
37. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
Name of the business; Goodwill
economic base
key person insurance
partnership
38. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
Civil Rights Act
Financial shortages
Income trends in the community
equity capital
39. Which of the following are advantages of a partnership?
Tax burdens; Human resource planning
Directing
Efficiency of labor; Combined management - talent and capital
have good management
40. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
Directing
Lack of expertise
Large financial capacity; Limited liability of each owner (stockholder)
market
41. A factor to be considered with the evaluation of a credit risk would be the...
inventory turnover
credit application
mark-up
fixed capital
42. Which of the following is a requirement for a building layout?
the employment interview
to self-insure
Accessibility
variable expense
43. A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as...
Accessibility
consumer credit
equity capital
fixed capital
44. The current asset items consisting of cash - inventories - and accounts receivables is known as...
circulating capital
economic order quantity
markdown
service business
45. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
have good management
credit application
working capital
Chamber of Commerce
46. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
Financial shortages
Lack of expertise
new venture plan; business plan
Sales are increased; Goodwill is built-up and easily maintained
47. Which of the following are disadvantages of a sole proprietorship?
Unlimited liability; Limited management ability
a qualification that is absolutely necessary
Legal restrictions on activities
break-even point
48. Which of the following is not a consideration concerning the selection of suppliers?
demographics
revolving account; open-end credit
Whether or not they have an acceptable accounts receivable ratio
equity capital
49. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...
demographics
Whether or not they have an acceptable accounts receivable ratio
Better Business Bureau
new venture plan; business plan
50. The statistical study of human populations with respect to their size - density - distribution - composition - and income is known as...
demographics
Equal Pay Act of 1963
Legal restrictions on activities
Applicant's sex