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Small Business Management

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. 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...
break-even point
Income trends in the community
entrepreneur
Applicant's sex

2. The quantity to be purchased which minimizes total cost is referred to as the...
inventory turnover
economic order quantity
key person insurance
Divided authority among partners; Death or incapacity of one of the partners may end the partnership

3. The combination of two or more individual's talents and capital serves as an advantage of the legal form of ownership known as a...
controlling; actuating
demographics
Lack of expertise
partnership

4. The simplest and most common legal form of business ownership is...
Proprietorship
the employment interview
sole proprietorship
Civil Rights Act

5. A document that lists the major responsibilities and tasks of the job is known as a job
demographics
description
inventory control considerations
2/10 - N30

6. Which of the following are disadvantages of a partnership?
Divided authority among partners; Death or incapacity of one of the partners may end the partnership
equity capital
2/10 - N30
Applicant's sex

7. Capital that is investe4d in the business by the owner(s) is known as...
equity capital; personal capital
partnership
a qualification that is absolutely necessary
sole proprietorship

8. An external problem that can lead to small business failure is...
consumerism
Sales are increased; Goodwill is built-up and easily maintained
mark-up
circulating capital

9. A management function which compares organization and individual performance with predetermined standards or expected results is known as...
new venture plan; business plan
Large financial capacity; Limited liability of each owner (stockholder)
evaluating; controlling
Unlimited liability; Limited management ability

10. Which of the following is normally NOT a source of published market data?
Large financial capacity; Limited liability of each owner (stockholder)
Census of banking
proprietorship
key person insurance

11. An interview whereby the applicant is asked a pre-determined set of questions is known as...
mark-up
a structured interview
Commercial loans; Venture capitalists
Applicant's sex

12. Rent is an example of a...
the religion of the applicant
Efficiency of labor; Combined management - talent and capital
fixed expense
Some losses from bad debts and customers with fraudulent intentions are bound to occur

13. Factors associated with evaluating a credit risk
inventory control considerations
market
Lack of expertise
consumer credit

14. A plan which provides inducements to potential purchasers of products and/or services is called...
a 2% discount if invoice is paid within 10 days - net due in 30 days
OSHA
sales promotions
Directing

15. Which of the following is an internal problem that can contribute to the failure of a business?
Indemnity
to determine where the potential customers are
Legal restrictions on activities; Lack of personal interest
Financial shortages

16. In business - a reduction of selling price below the original selling price is referred to as...
Commercial loans; Venture capitalists
Financial shortages
markdown
circulating capital

17. Which of the following is an example of a variable expense?
Legal restrictions on activities; Lack of personal interest
break-even point
Repairs
partnership

18. Any effort undertaken to retain and preserve the assets and earning power of a business is called...
risk management
Credit customers are more interested in quality and service than price
Personal checks
Census of banking

19. Which of the following are advantages of extending credit?
evaluating; controlling
entrepreneur
Sales are increased; Goodwill is built-up and easily maintained
markdown

20. 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...
the religion of the applicant
credit application
CBD
partnership

21. Which of the following is NOT used to measure the success of advertising?
Directing
the employment interview
Civil Rights Act
Income trends in the community

22. Which of the following is an intangible asset?
ADA
Name of the business; Goodwill
the religion of the applicant
advertising

23. Which of the following federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?
description
break-even point
Equal Pay Act of 1963
have good management

24. The form of legal organization that is owned and operated by one person is the...
Sales are increased; Goodwill is built-up and easily maintained
proprietorship
Large financial capacity; Limited liability of each owner (stockholder)
equity capital

25. The wealth produced in or near a community that provides employment and income to the local population is known as the...
Actively managed by stockholders
OSHA
economic base
Applicant's sex

26. An association of business people who attempt to protect and promote the commercial interests in a community is known as the...
risk management
service business
Chamber of Commerce
key person insurance

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

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28. Which of the following are advantages of a partnership?
Efficiency of labor; Combined management - talent and capital
evaluating; controlling
intangible assets
break-even point

29. A small business is not...
consumerism
Actively managed by stockholders
controlling
Better Business Bureau

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...
variable expense
break-even point
Better Business Bureau
Terms of the sale

31. Business interruption insurance covers
partnership
lost income
a business plan
to determine where the potential customers are

32. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...
corporation
Better Business Bureau
demographics
economic base

33. A strategy to minimize risk would be to...
sole proprietorship
have good management
to self-insure
manufacturing business

34. A business that purchases finished goods for resale is referred to as a...
to determine where the potential customers are
merchandising business
Commercial loans; Venture capitalists
Installment credit

35. A management function which compares organizational and individual performance with predetermined standards or expected results is...
controlling
Census of banking
Lack of expertise
economic order quantity

36. An individual that assumes the risks associated with a new venture start-up can be referred to as a...
factoring
proprietorship
market
entrepreneur

37. A factor to be considered with the evaluation of a credit risk would be the...
Installment credit
a structured interview
equity capital
credit application

38. Which of the following is an external problem and risk of business ownership?
circulating capital
Tax burdens; Human resource planning
Credit customers are more interested in quality and service than price
break-even point

39. Capital that is invested in the business by the owner(s) is known as...
equity capital
Legal restrictions on activities; Lack of personal interest
commercial loans
Tax burdens; Human resource planning

40. Which of the following are examples of debt capital?
demographics
Commercial loans; Venture capitalists
Credit customers are more interested in quality and service than price
proprietorship

41. Which of the following is NOT a type of consumer credit?
factoring
Personal checks
Actively managed by stockholders
to self-insure

42. The difference between current assets and current liabilities is...
working capital; circulating capital
Credit customers are more interested in quality and service than price
a qualification that is absolutely necessary
mark-up

43. Life insurance that protects a firm against losses due to the death of a key employee is known as...
fixed capital
partnership
key person insurance
a structured interview

44. A common business credit/sales tern is...
consumer credit
fixed capital
corporation
2/10 - N30

45. Selling a business's accounts receivable for cash to a third party is referred to as...
demographics
factoring
corporation
working capital; circulating capital

46. A source of debt capital would include
new venture plan; business plan
commercial loans
partnership
to determine where the potential customers are

47. A particular business that provides a service as opposed to a product is referred to as a...
key person insurance
Accessibility
service business
Indemnity

48. In business - the name - goodwill - copyrights - and patents are referred to as...
intangible assets
competition
inventory turnover
risk management

49. Which of the following has the disadvantage of no limit being placed on the owner's personal liability?
Proprietorship
Census of banking
a 2% discount if invoice is paid within 10 days - net due in 30 days
American's with Disabilities Act

50. One who organizes - manages - and assumes the risk of a business form or venture is known as...
Terms of the sale
an entrepreneur
factoring
description

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Small Business Management

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