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 is an external problem and risk of business ownership?






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






3. Which of the following are disadvantages of a partnership?






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






5. 2/10 - N/30 means...






6. 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...






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






8. The main objective in a market survey is...






9. Which of the following are functions of management?






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






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






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






13. Business interruption insurance covers






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






15. In business - the name - goodwill - copyrights - and patents are referred to as...






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






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






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






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






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






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






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






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






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






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






26. A BFOQ is...






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

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






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






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






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






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






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






34. A small business is not...






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






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






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






38. Which of the following is NOT a consumer buying motive?






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






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






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






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






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






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






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






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

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






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






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






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