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






2. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






3. 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






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






5. Law created by consistitution(s) or by federal - state - or local legislative acts






6. External statistical descriptors such as age - income - gender - and profession






7. Larger visual and multimedia ads that appear on websites






8. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






10. Independent and well informed buyers and sellers of the exact same product (farmers markets)






11. Occurs when two companies form one corporation






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






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






14. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






15. Amounts that are currently due to a company






16. Something that the employee dislikes is taken away






17. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






19. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






21. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






23. Selling one product at a loss as a way to entice customers to consider other products






24. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






26. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






27. Activities producing tangible products such as radios - newspapers - buses and textbooks






28. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






29. Lots of leeway to workers to meet goals






30. Any 12 consecutive months used as an accounting period






31. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






32. The price of your nation's currency is in terms of another nation's currency






33. Free or bargain-priced items offered to encourage customers to buy a product






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






35. Current assets minus current liabilities






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






37. Something produced by the intellect or mind that has commercial value






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






39. Transferring work to another country






40. Being accountable or being able to justify an action






41. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






42. Introducing a new product at a low price in hopes of building sales volume quickly






43. Study of statistical characteristics of a population






44. Intermediary who sells products to other businesses for resale to final consumers






45. Effective acquisition and use of money






46. Obligation employees have to their manager for the successful completion of an assigned task






47. Product made or grown abroad but sold domestically






48. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






49. The amount of money charged for a product or service






50. Goal set for an extended time - typically 5 years or more in the future