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






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






3. 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...






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






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






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






7. A source of debt capital would include






8. 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...






9. Business interruption insurance covers






10. 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...






11. Factors associated with evaluating a credit risk






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






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






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






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






16. Which of the following are disadvantages of a partnership?






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






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






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






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






21. One who organizes - manages - and assumes the risk of a business form or venture is known as...






22. 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...






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






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






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






26. 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...






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






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






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






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






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






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






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






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






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






36. Whenever a business must pay for the merchandise before its delivery - which of the sales terms apply?






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






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






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






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






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






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






43. Which of the following is NOT included on the employment application?

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






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






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






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






48. A small business is not...






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






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