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 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...






2. Which of the following are advantages of a partnership?






3. Any effort undertaken to retain and preserve the assets and earning power of a business is called...






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






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






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






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






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






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






10. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...






11. A small business is not...






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






13. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...






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






15. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?






16. 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...






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






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






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






20. 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...






21. Which of the following are advantages of a corporation?






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






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






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






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






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






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






28. Business interruption insurance covers






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






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






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






32. A BFOQ is...






33. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?






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






35. Which of the following are functions of management?






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






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






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






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






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






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






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






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






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






45. 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...






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






47. An interview whereby the applicant is asked a pre-determined set of questions 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. 2/10 - N/30 means...






50. Which of the following is normally NOT a source of published market data?