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






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






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






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






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






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






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






8. The form of legal organization that is owned and operated by one person is the...






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






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






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






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






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






14. Which of the following is not a consideration concerning the selection of suppliers?






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

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






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






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






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






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






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






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






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






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






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






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






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






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






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






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. In business - a reduction of selling price below the original selling price is referred to as...






32. Rent is an example of a...






33. A factor to be considered with the evaluation of a credit risk would be the...






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






35. 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...






36. 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...






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






38. On a chart which plots sales - fixed and variable costs for a given period of time - the point where the sales and the total cost lines intersect is called the...






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






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






41. A document that lists the major responsibilities and tasks of the job is known as a job






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






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






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






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






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






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






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






49. 2/10 - N/30 means...






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