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. Life insurance that protects a firm against losses due to the death of a key employee is known as...






2. 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...






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






4. A management function which compares organizational and individual performance with predetermined standards or expected results is...






5. 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...






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






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






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






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






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






11. Which of the following are functions of management?






12. 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...






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






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






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






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






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






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






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






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






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






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






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






24. A small business is not...






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






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






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






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






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






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






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

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






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






34. Business interruption insurance covers






35. Rent is an example of a...






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






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






38. Which of the following is NOT used to measure the success of advertising?






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






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






41. A source of debt capital would include






42. The wealth produced in or near a community that provides employment and income to the local population is known as the...






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






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






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






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






47. Long term capital invested in the business is...






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






49. Which of the following is an intangible asset?






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







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