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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. Physical products purchased by consumers for personal use






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






3. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






4. Motivator and hygiene factors need to be met to prevent dissatisfaction

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5. Formal agreement to set prices. Sometimes illegal - but is typically secretive






6. Small software programs that provide part of the functionality of a website






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






8. 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






9. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






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






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






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






13. Internal descriptors such as attitudes - interests - values - behaviors - and habits






14. This law guards against false advertising.






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






16. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






17. A leadership style where managers are less directive and involved employees in decision making






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






19. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






20. Organization's methods for dealing with emergencies






21. A sustained increase in the general level of prices






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






23. Process of dealing with employees who are represented by a union






24. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






26. Electronic media that invite participation by the general public






27. Location






28. Larger visual and multimedia ads that appear on websites






29. Somethings needed by a community and provided by its government






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






31. A series of related products offered by a firm






32. Identification and marketing of a social issues - cause - or idea to selected target markets






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






34. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






35. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






36. Bar codes on product packages that provide information read by optical scanners






37. Amounts that are currently due to a company






38. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






39. Rewarded for good performance; something the employee likes is praised






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






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






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






43. 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.






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






45. Reporting relationships within a company






46. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






48. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






49. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






50. Compensation other than wages and salaries







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