Test your basic knowledge |

Business Fundamentals

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 leadership style where the manager is directive and controlling






2. Large-scale production and distribution of a product






3. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






4. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






5. Customer value created by converting raw materials and other inputs into finished goods and services






6. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






7. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






8. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






9. Markets focus on increasing the product's market share






10. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






11. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






12. A detailed series of related steps or tasks written to implement a policy is called a ____.






13. The four key elements of marketing strategy: product - price - distribution - and promotion






14. Promotional campaigns that send information only to those people who've specifically asked to receive it






15. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






16. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






17. Management process of determining what an organization needs to do and how best to get it done






18. Behavior exhibited by consumers as they consider - select - and purchase goods and services






19. Economy in which individuals control production and allocation decisions through supply and demand






20. Stems from personal trust and respect members have for the leader






21. Corporation whose stock is widely held and available for sale to the general public






22. Offering a temporary reduction in price






23. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






24. Provides protection for the product - makes products easier to display - and attracts attention






25. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






26. Study of statistical characteristics of a population






27. Partnership between two or more companies to closely link their brand names together for a single product






28. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






29. Process through which a manager allocates work to subordinates






30. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






31. Stocks - bonds - and other investments that can be turned into cash quickly






32. Advertising sent directly to potential customers - usually through the mail






33. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






34. The purchase of one company by another






35. The level of joblessness among people actively seeking work in an economic system






36. Location






37. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






38. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






39. A document - generally issued by a state government - giving permission to start a corporation






40. A business that grows products or takes raw material from nature






41. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






42. Sales promotion aimed at final consumers






43. Changes the form of material so they can be consumed or used to manufacture other products






44. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






45. The willingness and ability of producers to offer a good or service for sale






46. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






47. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






48. The act of transferring net revenue and expense account balances to retained earnings for the period






49. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






50. Direct communication other than personal sales contacts designed to effect a measurable response