Small Business Management

What are the three components of manufacturing costs?

• Direct Labor, Direct Materials, Building Rental
• Direct Materials, Direct Labor, Manufacturing Overhead
• Manufacturing Overhead, Direct Labor, Works in Process
• Direct Materials, Cost of Goods Sold, Direct Labor

Which of the following is a financial statement used to indicate how successfully the business performed during a period of time?

What is an example of a charge back.

• It was required that you send an item with hangers and you did not
• When an item is returned to the store but is still sellable
• If an item they bought doesn't merchandise well in their store

In the basic accounting equation, Assets= Liabilities + ________?

• Long - term investments
• Current assets
• Stockholders’ Equity
• Retained Earnings

They act as competitors to larger firms which will help improve their efficiency and lower the prices offered to the consumers.

• Advantage
• Disadvantage

Decision – making: is less formal and more personalized

• True
• False

Choose appropriate location for your business.

• Location
• Place
• Workplace
• Workforce

I do not need to put together a contract with my factory. I should just let them do what they think is best and assume it will work out.

• True
• False

Which is the most important feature of bookkeeping?

• Finding out the profit
• Recording songs
• Summarising the transactions
• Recording transactions

essential in a factor in the beginning a life of a new business

• Finance
• Flexible
• Funding
• Adaptation

When did the BSE Sensexreach its all time high of 21206.77?

• Dec 2007
• Jan 2009
• Jan 2008

An individual who undertakes the creation, organization and ownership of a business is called (an):

• Investor
• Business broke
• Role model
• Entrepreneur

Which of the following is NOT one of the 3 main business activities?

• Financing
• Investing
• Advertising
• Operating

In bookkeeping, if you have limited purchases and/or sales and they come out of one bank account, this is called:

• Double entry bookkeeping
• Dual bookkeeping
• Pass entry bookkeeping
• Single entry bookkeeping

Which of the following is NOT considered a primary management function?

• Financing
• Planning
• Directing
• Controlling

Small business support networks are general features of small businesses

• True
• False

Food-related businesses continued to grow modestly last year, particularly in what area?

• Wholesale distribution
• Farming
• Fast Food
• Grocery

Small businesses do not have economies of scale, the ability to cut costs by increasing production.

• Advantage
• Disadvantage

Small businesses ownership do not gives the independence and the freedom not enjoyed in the corporate world.

• True
• False

Indulge in Style is the base line of which automobile brand?

• Rolls Royce
• BMW
• Indigo Manza

All of the following are benefits of budgeting EXCEPT:

• It creates incentives for managers to be rewarded
• It requires management to plan ahead
• It gives definite objectives for all levels in the company
• It creates an early warning system to prevent potential problems

Email List is not a good area of marketing because you might loose all your contacts one day.

• True
• False

How often are reports created in managerial accounting?

• Quarterly
• As needed by management
• Annually
• Weekly

Which of the following is put in place to protect a consumer from a business causing harm to either themselves or their property?

• Business deregulation
• Insolvency act
• Tort's law
• Bankruptcy

Small businesses are not a good risk are the biggest challenge in securing external credit by small businesses

• True
• False

Neighborhood loyalty.

• Advantage
• Disadvantage

Which of the following is a liabilities account?

• Current Assets
• Long - term investments
• Property, plant, equipment
• Mortgages Payable

Easier record management because of the fewer transactions compared to large businesses. Thus, most accounting responsibilities are highly manageable.

• Advantage
• Disadvantage

One of the risks of being in business for yourself is:

• Being your own boss
• Competition
• Uncertain income
• Loss of prestige

Which of the following would not be held personally liable?

• Sole propriter
• Partnership
• Corporation

A company that handles overseas shipments for a fee is called a(n):

• Business broker
• Franchiser
• Freight forwarder
• Joint venture

Which of the following is NOT a reason a company would hold Treasury Stock for future use?

• To reissue the shares to officers and employees
• To have additional shares available in order to acquire another company
• To increase trading of the company’s stock
• To decrease earnings per share

How is the money that a company earns called?

What does PK stand for?

• Project knowledge
• Product knowledge
• Pattern knowledge
• Prospect knowledge

Which of the following is NOT a measure of liquidity?

• Debt to total assets ratio
• Working Capital
• Current Ratio
• Current cash debt coverage

The point at which consumers buy all of a product that is supplied is called:

• Equilibrium
• Profit
• Capital
• Investment

Putting an ad in the news paper is a form of digital marketing.

• True
• False

Remington provided the following information about its balance sheet. Based on the information provided, how much are Remington's liabilities? Cash = $100Accounts receivable = $500Stockholders' equity = $700Accounts payable = $200Bank loans = $1000

Small businesses have the ability to better connect with the __________ since many customers are suspicious of big business.

• local community

Management of the assets and liabilities of the business is not a difficult task.

• Advantage
• Disadvantage

A sole proprietor is entitled to 100% of the business profits

• True
• False

Lack of access to markets and procurement

• Advantage
• Disadvantage

Identify and serve customers who are likely to patronize your business more often.

• Customers
• Target the Right Customers
• Customer Satisfaction

the blueprint you should use to operate your business

• Business
• Marketing Plan
• Business Plan

FeelMe and Patent Club are whose fashion brands?

• Pantaloons
• Koutons
• Jockey Inner ware

What is the method used to determine the minimum sales volume needed to cover all costs?

If I am working out of my house sewing items, I do not need insurance.

• True
• False

The cost of maintaining and operating a business is called?

• Revenue
• Expense
• Risk
• Loss

MOQ stands for

• Most Order Quantity
• Maximum Order Quantity
• Minimum Order Quantity
• Maximum Order Quality

In market research, primary data is second hand information that was already existing that you collected.

• True
• False

Assets minus liabilities equals…

The _ _ _ _ _ _ _ _ is a large computer network that links smaller computer networks worldwide.

For accounting and financial reporting purposes, smaller businesses...

What term is used for day-to-day dealings that involve the exchange of goods and services for cash?

• Bookkeeping
• Business Transactions
• Accounting
• Occasion

The location of my factory should not impact my decision if I use the factory or not.

• True
• False

What is a Sukuk?

• Stock Exchange in Arabic
• Equity Share in Arabic
• A Bond as per Islamic Banking

Small Businesses are not the backbone of the economy.

• True
• False

To find local small businesses in your sector that are hiring, what is a good strategy?

• Network at business events
• Look on the internet
• Visit the chamber of commerce
• Ask the guidance counselor

High failure rate are mistakes to many owners of small businesses

• True
• False

Second in sales growth with an 11 percent gain are offices of non-physician health practitioners such as

• Nurses
• Optometrists
• Dentists
• Surgeons

The _____________ must be independent in terms of ownership and operation.

• business

The seller of a franchise is called a:

• Partner
• Competitor
• Entrepreneur
• Franchiser

Joe is a manager of a local business. He is faced with an ethical dilemma in the accounting department. According to the three steps to follow when facing ethical dilemmas, which of the following is NOT a step he should follow to analyze the situation?

• Recognize the ethical situation and the issues involved
• Contact the head supervisor and ask for help
• Identify the principal elements in the situation
• Identify all alternatives and how they affect stakeholders

A partnership created by two or more companies for a specific purpose over a set period of time is called a(n):

• Franchise
• Joint venture
• Investment
• Strategic alliance

It is essential part of buying inventory, paying employees, marketing the business, buying or repairing business tools and paying his own salary.

• Financial Management
• Financing
• Funding

Which of the following is typically the budget that is prepared first?

• Production Budget
• Sales Budget
• Direct Materials Budget
• Manufacturing Overhead Budget

Which of the following is a period cost?

• Selling Expenses
• Direct Materials
• Direct Labor
• Manufacturing Overhead

choosing the right business partners is a critical success factor for new businesses.

• Work Place
• Workforce
• Location
• Work

Money left over after all expenses of running a business have been deducted from income revenue is:

• Investment
• Profit
• Capital
• Enterprise

A mill will always sew my garments for me.

• True
• False

Which term describes an amount owed by a business?

In 2013, XYZ Inc had sales revenues of $400,000, costs of goods sold: $310,000, and operating expenses of $60,000. What is the gross profit?

• $30,000
• $340,000
• $90,000
• $400,000

Which of the following is included in the content for reports for Managerial Accounting?

• Relevant data for each sub-unit of the company
• GAAP Accounting
• Double entry accounting and costs
• Condensed financial information for the company as a whole

It is often very difficult for small businesses to find suitably premises for rent. The rents might be initially very high.

• Advantage
• Disadvantage

If you were going to be creating a Facebook ad, what would be the best way to start?

• Make one ad and run it for a long period of time
• Make a bunch of ads for different things and put them at the same time
• Create a few ads and test them for short periods of time at different times in the week
• Make a bunch of ads for a long period of time

Lead time is the time that it takes for a mill to create your fabric and send it to you.

• True
• False

Which one of the following scenarios would most likely describe the accounting personnel for a small business?

• An accounting department that consists of 50 employees, 10 of whom are senior managers
• An accounting department made up of 4 employees there is one person for each function including accounts receivable, accounts payable, general ledger, and financial reporting
• An accounting department for each division consisting of 25 employees each
• An accounting manager for each line of service the company offers

If a factory knows how to sew one thing, then they can pretty much sew anything.

• True
• False

Having no sales plan are common mistakes to many owners

• True
• False
• Maybe

When income is greater than expenses, there is…

• Expense
• Revenue
• Profit
• Loss

Most small business operators do what they enjoy or love doing as the business may be out of a hobby or part- time job

• Advantage
• Disadvantage

In the basic accounting equation, Assets= Liabilities +?

Which of the following is a financial statement used to indicate how successfully the business performed during a period of time?

• Income Statement
• Retained Earnings Statement
• Statement of Cash flows
• Balance Sheet

[BLANK] taxation occurs when profits of a business are taxed at the entity level before profits are distributed to owners, distributions are reported on the individual tax returns as dividends and are taxed a second time.

• Dual, Corporate

MV Nair is the Chairman ofwhich Bank?

• union Bank
• Dena Bank
• Corporation Bank

Small businesses employ just over half of all private-sector workers, according to the Small Business Administration, and they generated what percent of all net new jobs over the past 15 years

• 50%
• 45%
• 80%
• 64%

Being proactive is as important as being reactive in the world of PR (public relations).

• True
• False

Which of the following is considered an external user of accounting?

• Managers of a corporation
• Employees
• Customers
• Supervisors of a business

The best way to build content that will improve your SEO within your website would be to:

• Tell people by word of mouth how great your site is
• Put up well edited photos
• Write a weekly blog article on your site that relates to your clothing
• Write a weekly blog article on a separate site

Listening to feedback from customers is important in any business

• Customer Focus
• Customer Idea
• Customer Knowledge
• Control

Which of the following is NOT a function of a journal entry?

• Journal entries show the complete effect of a transaction
• Journal entries show profitability of the company as an overall unit
• Journal entries provide a chronological order of transactions
• Journal entries prevent all accounting errors

A privately, independently owned, managed, and operated for profit

• Business
• Business Idea
• Business Plan
• Small Business

Selling and shipping products to another country is called:

• Importing
• Trade barriers
• Trade missions
• Exporting

On the Job Learning are general features of small businesses

• True
• False

The amount of money one puts into a business is called a(n):

• Market
• Investment
• Profit
• Capital

Amongst the following, who is considered an external user of accounting?

• Supervisors of a business
• Customers
• Employees
• Managers of a corporation

Wholesale is when you sell your items at full price directly to customers.

• True
• False

There are three requirements necessary for a company to pay out dividends. They are:

• Retained Earnings, Adequate Cash, Declared Dividends
• Retained Earnings, Adequate Cash, Stockholders’ Equity
• Adequate Cash, High Liquidity, Low Liabilities
• Stockholders’ Equity, Low Liquidities, Retained Earnings

What is the term used to define a computer that is accessed by a remote attacker and set up to forward transmissions (including spam and viruses) to other computers on the Internet. The purpose is usually either financial gain or malice?

• Superfast
• Zoozoo
• Zombie

There is no hierarchical boundary in levels of management or decision

• Customer Focus
• Control
• Effectiveness
• Funding

Facebook is the best choice to use if you have a young target market and you want to show them photos.

• True
• False

Which of the following are examples of digital marketing.

• Instagram, Facebook, Twitter, Emails
• Sponsored events, print ads, pop ups
• Fashion show, speaking event, hosting a party

Which of the following is a characteristic of a corporation?

• Easy to start - up
• Owned by 1 individual, or a small group of individuals
• Separate legal existence
• Liability is tied to a single individual or small group of individuals

What is the country of origin of Aegon which has a tie up with Religare in India for Insurance?

• Korea
• Japan
• Netherlands

Which of the following is NOT a type of cost?

• Fixed
• Mixed
• Variable
• Percentage

Nordstrom is a luxury retailer brand in which country?

• Germany
• USA
• France

SEO stands for:

• Search Entry Optimization
• Search Engine Optimization
• Simple Example Organization
• Standard Entry Organization

Small businesses provide employment to people who want to work near their homes and to spend time with their families.

• Advantage
• Disadvantage

this is mainly from personal savings, relatives at the initial stages and some secured credit later if the business is growing.

• Finance
• Financial Management
• Funding
• Financial

Whose mass market electric car is called the leaf?

• Mercedes Benz
• Nissan
• Hyundai

Company XYZ Inc has variable costs associated with delivering widgets to customers. In December, delivery driving went up 30%. Total variable costs for December increased by:

• 10%
• 20%
• 30%
• Nothing

Lack of commitment / Inability to Commit are some mistakes to many owners of small business

• True
• False

Whois the author of a book titled 10-10-10?

• Bo Derek
• Suzy Welch
• Jack Welch

If a small change in the price of an item causes a significant change in the quantity demanded, we say that the demand for the item is:

• Inelastic
• Scarce
• High
• Elastic

What is referred to as "borrowed for personal use"?

• Assets
• Net Pay
• Profit
• Owner's Equity

During 2011, Softball Kingdom had its assets decrease $50,000. Which of the following transactions would ensure that the basic account equation would balance?

• A decrease in liabilities of $40,000
• An increase in assets of $50,000
• A decrease of assets of $50,000
• An increase in liabilities of $30,000

What is double entry accounting?

A certified public accountant is called?

Which of the following refers to organized summaries of business's financial activities?

What are the primary purpose of internal controls in accounting and financial reporting?

• To ensure timely reporting of financial data
• To mitigate the reporting of inaccurate financial data and fraud
• To make sure each employee performs the tasks they have been assigned, without deviation
• To make the accounting manager's job easier

Which of the following is an expense account?

• Common Stock
• Retained Earnings
• Rent
• Dividends

Fueled by federal money from the stimulus bill, environmental jobs are forecast to grow in the coming year. What job would best be an environmental job?

• Landscaper
• Railroad engineer
• Water tretment technician
• Solar-photovoltaic installers

When expenses are more than income, it's a…

• Profit
• Revenue
• Liability
• Loss

If you trademark a a business name, it will be good in Canada for 25 years.

• True
• False

To identify consumer markets, you have to be aware of:

• Services
• Demographc changes
• Technology
• Investors