Test your basic knowledge |

Small Business Management

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 NOT an advantage of a corporation?
Legal restrictions on activities
Whether or not they have an acceptable accounts receivable ratio
break-even point
controlling; actuating

2. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
Directing
Chamber of Commerce
working capital; circulating capital
entrepreneur

3. 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
proprietorship
evaluating; controlling
to determine where the potential customers are

4. Which of the following is an internal problem that can lead to business failure?
a qualification that is absolutely necessary
lost income
entrepreneur
Lack of expertise

5. Which of the following is NOT used to measure the success of advertising?
Take on more risks
merchandising business
Unlimited liability; Limited management ability
Income trends in the community

6. Capital that is invested in the business by the owner(s) is known as...
equity capital
a business plan
Census of banking
American's with Disabilities Act

7. Which of the following refers to those activities which encourage subordinates to work toward the achievement of the company's goals?
Commercial loans; Venture capitalists
the religion of the applicant
consumerism
Directing

8. Selling a business's accounts receivable for cash to a third party is referred to as...
Chamber of Commerce
factoring
proprietorship
service business

9. Rent is an example of a...
a structured interview
a business plan
Name of the business; Goodwill
fixed expense

10. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
controlling
risk management
factoring
Personal checks

11. Which of the following is an internal problem that can contribute to the failure of a business?
Unlimited liability; Limited management ability
Financial shortages
Actively managed by stockholders
a 2% discount if invoice is paid within 10 days - net due in 30 days

12. When selecting employees - the applicant's appearance - poise - speech - and other characteristics may best be determined by...
the employment interview
equity capital
advertising
ADA

13. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
fixed expense
revolving account; open-end credit
evaluating; controlling
OSHA

14. 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...
Lack of expertise
competition
factoring
corporation

15. A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines...
working capital
market
partnership
fixed capital

16. The wealth produced in or near a community that provides employment and income to the local population is known as the...
market
economic base
to self-insure
partnership

17. Which of the following are advantages of a corporation?
Equal Pay Act of 1963
Large financial capacity; Limited liability of each owner (stockholder)
Some losses from bad debts and customers with fraudulent intentions are bound to occur
Personal checks

18. Which of the following acts outlaws discrimination in employment based on race - color - religion - sex - pregnancy - or natural origin?
the employment interview
Civil Rights Act
manufacturing business
controlling

19. 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...
Directing
economic base
partnership
Small Business Administration

20. Life insurance that protects a firm against losses due to the death of a key employee is known as...
competition
Personal checks
working capital
key person insurance

21. Which of the following are advantages of a partnership?
variable expense
Efficiency of labor; Combined management - talent and capital
Large financial capacity; Limited liability of each owner (stockholder)
Better Business Bureau

22. A particular business that provides a service as opposed to a product is referred to as a...
service business
American's with Disabilities Act
description
Applicant's sex

23. Which of the following are advantages of a sole proprietorship?
Unlimited liability; Limited management ability
Ease of starting; Profit incentive
Terms of the sale
working capital

24. Which of the following are functions of management?
revolving account; open-end credit
Equal Pay Act of 1963
controlling; actuating
Whether or not they have an acceptable accounts receivable ratio

25. Which of the following would NOT be an insurance risk to consider?
Directing
Civil Rights Act
proprietorship
Terms of the sale

26. Which of the following is an external problem and risk of business ownership?
Whether or not they have an acceptable accounts receivable ratio
Tax burdens; Human resource planning
equity capital
Actively managed by stockholders

27. Any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called...
fixed capital
trade credit
market
consumer credit

28. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as a...
new venture plan; business plan
risk management
sole proprietorship
an entrepreneur

29. A strategy to minimize risk would be to...
have good management
partnership
key person insurance
Lack of expertise

30. The practice of trying to get something that is being sought by others under similar circumstances at the same time is known as...
Chamber of Commerce
controlling; actuating
Indemnity
competition

31. Which of the following are examples of debt capital?
markdown
Efficiency of labor; Combined management - talent and capital
a business plan
Commercial loans; Venture capitalists

32. The form of legal organization that is owned and operated by one person is the...
Income trends in the community
Civil Rights Act
sole proprietorship
proprietorship

33. The current asset items consisting of cash - inventories - and accounts receivables is known as...
circulating capital
equity capital; personal capital
Small Business Administration
Name of the business; Goodwill

34. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?
sales promotions
corporation
Civil Rights Act
CBD

35. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
Better Business Bureau
ADA
entrepreneur
Large financial capacity; Limited liability of each owner (stockholder)

36. Capital that is investe4d in the business by the owner(s) is known as...
Sales are increased; Goodwill is built-up and easily maintained
OSHA
service business
equity capital; personal capital

37. Which of the following are disadvantages of a sole proprietorship?
demographics
Unlimited liability; Limited management ability
Tax burdens; Human resource planning
the employment interview

38. An external problem that can lead to small business failure is...
Accessibility
consumerism
revolving account; open-end credit
a 2% discount if invoice is paid within 10 days - net due in 30 days

39. The number of times the average inventory has been sold or used up during a period is known as...
inventory turnover
equity capital
ADA
Unlimited liability; Limited management ability

40. A strategy available to absorb risks would be...
key person insurance
working capital; circulating capital
Legal restrictions on activities
to self-insure

41. A management function which compares organizational and individual performance with predetermined standards or expected results is...
advertising
Installment credit
controlling
market

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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

43. The difference between current assets and current liabilities is...
working capital
break-even point
evaluating; controlling
the religion of the applicant

44. A business that makes finished goods from raw materials by hand or machinery is referred to as a...
manufacturing business
break-even point
controlling
Applicant's sex

45. A written description of a new idea that projects marketing - operational - and financial aspects of a proposed business is known as...
inventory control considerations
consumerism
a business plan
Applicant's sex

46. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...
Better Business Bureau
to determine where the potential customers are
Some losses from bad debts and customers with fraudulent intentions are bound to occur
break-even point

47. A plan which provides inducements to potential purchasers of products and/or services is called...
Take on more risks
sales promotions
partnership
Small Business Administration

48. Which of the following is a requirement for a building layout?
American's with Disabilities Act
OSHA
Accessibility
factoring

49. A small business is not...
market
Actively managed by stockholders
Personal checks
Name of the business; Goodwill

50. Which of the following is not a consideration concerning the selection of suppliers?
Efficiency of labor; Combined management - talent and capital
Whether or not they have an acceptable accounts receivable ratio
Commercial loans; Venture capitalists
Repairs

Can you answer 50 questions in 15 minutes?

Major Subjects
Tests & Exams AP CLEP DSST GRE SAT GMAT	Certifications CISSP go to https://www.isc2.org/ PMP ITIL RHCE MCTS More...	IT Skills Android Programming Data Modeling Objective C Programming Basic Python Programming Adobe Illustrator More...	Business Skills Advertising Techniques Business Accounting Basics Business Strategy Human Resource Management Marketing Basics More...
Soft Skills Body Language People Skills Public Speaking Persuasion Job Hunting And Resumes More...	Vocabulary GRE Vocab SAT Vocab TOEFL Essential Vocab Basic English Words For All Global Words You Should Know Business English More...	Languages AP German Vocab AP Latin Vocab SAT Subject Test: French Italian Survival Norwegian Survival More...	Engineering Audio Engineering Computer Science Engineering Aerospace Engineering Chemical Engineering Structural Engineering More...
Health Sciences Basic Nursing Skills Health Science Language Fundamentals Veterinary Technology Medical Language Cardiology Clinical Surgery More...	English Grammar Fundamentals Literary And Rhetorical Vocab Elements Of Style Vocab Introduction To English Major Complete Advanced Sentences Literature Homonyms More...	Math Algebra Formulas Basic Arithmetic: Measurements Metric Conversions Geometric Properties Important Math Facts Number Sense Vocab Business Math More...	Other Major Subjects Science Economics History Law Performing-arts Cooking Logic & Reasoning Trivia

Test your basic knowledge |

Small Business Management

Can you answer 50 questions in 15 minutes?

Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests

Major Subjects

Tests & Exams

Certifications

IT Skills

Business Skills

Soft Skills

Vocabulary

Languages

Engineering

Health Sciences

English

Math

Other Major Subjects

Browse all subjects

Browse all tests

Most popular tests