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. An action is morally correct - when - among the people it affects...






2. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






3. Complete list of all products that a company offers for sale






4. People are lazy






5. Charging a high price for a new product during the introductory stage and lowering the price later






6. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






7. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






8. Current assets minus current liabilities






9. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






10. Form of a corporation spanning national boundaries






11. Law made by the authority of administrative agencies






12. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






13. Arises when group members recognize that the leader has special expertise in the area






14. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






15. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






16. Reporting relationships within a company






17. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






18. Process through which a manager allocates work to subordinates






19. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






20. Acquiring funds through borrowing






21. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






22. Market or industry characterized by numerous small firms producing an identical product






23. A measure of the sensitivity of demand to changes in price






24. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






25. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






26. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






27. Results from the leader's ability to give or withhold rewards






28. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






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






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. Larger visual and multimedia ads that appear on websites






32. Court-granted permission for a company to not pay some or all debts






33. Ratios that measure the effectiveness of the firm's use of its resources






34. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






35. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






37. Small groups in the same work area that have scheduled meetings about problems and how to fix them






38. Loss of brand identity and the cannibalization of sales of other products in the product line






39. Power to make the decisions necessary to complete a task






40. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






41. Choosing one alternative from among several options






42. Strategic alliance in which the collaboration involves joint ownership of the new venture






43. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






44. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






45. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






46. The ability to get others to accoplish tasks because of the position the leader holds






47. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






48. Lots of leeway to workers to meet goals






49. Power of a good or services to satisfy a human need






50. Product made or grown domestically but sold abroad