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. Which of the following are advantages of a partnership?






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






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






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






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






6. In business - the name - goodwill - copyrights - and patents are referred to as...






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






8. Long-term capital that is invested in a business is referred to as...






9. The association of business firms that promotes ethical conduct by all business firms in a community is known as the...






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






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






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






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






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






15. Business interruption insurance covers






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






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






18. 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...






19. Which of the following would NOT be an insurance risk to consider?






20. Which of the following is an intangible asset?






21. Which of the following are advantages of a corporation?






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






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






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






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






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






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






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






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






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






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






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

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33. 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...






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






35. A management function which compares organization and individual performance with predetermined standards or expected results is known as...






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






37. A BFOQ is...






38. Which of the following is normally NOT a source of published market data?






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






40. An individual that assumes the risks associated with a new venture start-up can be referred to as a...






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






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






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






44. In a business - the number of times the average inventory is sold or used up can be referred to as...






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






46. Rent is an example of a...






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






48. 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...






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






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