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. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






2. Ratio between net income after taxes and total owners' equity; also known as return on equity






3. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






4. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






5. Selling method in which the price is set by customers bidding against each other






6. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






8. Current assets minus current liabilities






9. Reporting relationships within a company






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






11. Mix of people in organizations in terms of essential/demographic status






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






13. When organizations change raw materials into finished goods






14. ____ 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






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






16. Obligations that must be next within a year






17. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






18. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






19. 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






20. Codified rules of behavior enforced by society






21. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






22. 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






23. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






24. Intermediary who sells products directly to consumers






25. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






26. The way you live as measure by the kinds and quality of goods and services you can afford






27. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






29. In a ____ authority originates at the top and moves downward in a line.






30. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






31. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






32. Postsales reductions in price - must be applied for by the purchaser






33. Senior company managers who serve on the company's board of directors are known as ____.






34. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






35. Strategy in which two or more organizations collaborate on a project for mutual gain






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






37. Product made or grown domestically but sold abroad






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






39. Legal principal holding owners responsible for paying off all debts of a business






40. Marketing efforts to attract people and organizations to a particular geographical area






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






42. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






43. Group of small investors who invest money in companies with rapid growth potential






44. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






45. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






47. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






48. Assets = liabilities + owner's equity






49. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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50. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another