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






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






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






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






5. 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...






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






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






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






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






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






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






12. The type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is...






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






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






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






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


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






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






19. Factors associated with evaluating a credit risk






20. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...






21. 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...






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






23. A business that purchases finished goods for resale is referred to as a...






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






25. Which of the following is an intangible asset?






26. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?






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






28. 2/10 - N/30 means...






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






30. 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...






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






32. A BFOQ is...






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






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






35. Rent is an example of a...






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






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






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






39. Which of the following is recognized as a disadvantage of extending credit?






40. An individual that assumes the risks associated with a new venture start-up can be referred to as a...






41. Business interruption insurance covers






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






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






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






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






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






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






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






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






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