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






2. Choosing one alternative from among several options






3. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






4. The movement of an economy from one condition to another and back again






5. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






7. Amounts that are currently due to a company






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






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






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






11. This level of management includes department heads and district sales managers.






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






13. Form of nonstore retailing in which the telephone is used to sell directly to consumers






14. Manager responsible for a firm's overall performance and effectiveness






15. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






17. Advertising designed to encourage customers to try new products or to switch brands






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






19. A leadership style where the manager is directive and controlling






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






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






22. A firm's portion of the total sales in a market






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






24. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






25. Individuals or households that buy goods and services for personal use






26. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






27. Cost of goods sold = beginning inventory + net purchases - ending inventory






28. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






29. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






30. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






31. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






32. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






33. Effective acquisition and use of money






34. Assets = liabilities + owner's equity






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






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






37. 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






38. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






40. Characteristic of centralized companies with multiple layers of management






41. The value that a company has built up in a brand






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






43. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






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






46. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






47. Acquiring funds through borrowing






48. Corporation whose stock is held by only a few people and is not available for sale to the general public






49. The creation and sharing of product-related information among customers and potential customers






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