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. Online ads that are linked to search engine results or website content






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






3. Cost of producing or acquiring a company's products for sale during a given period






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






5. 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






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






7. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






8. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






9. Customer value created by converting raw materials and other inputs into finished goods and services






10. Personal communication between a seller and one or more potential buyers






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






12. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






13. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






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






16. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






17. The willingness and ability of buyers to purchase a good or service






18. This law guards against false advertising.






19. The degree to which customers continue to purchase a specific brand






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






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






22. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






23. Positive reinforcement - negative reinforcement - punishment






24. Offering several products for a single price that is presumably lower than the total of the products' individual prices






25. Economic system that allows individuals to pursue their own interests without undue governmental restriction






26. 12 month accounting period that begins on January 1 and ends on December 31






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






28. Communications channels - such as newspapers - radio - and television






29. Planned economic system in which the government owns and operates only selected major sources of production






30. The union of two corporations to form a new corporation






31. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






32. Type of partnership consisting of limited partners and a general (or active) partner






33. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






34. Measures income earned on owners' investment - formula: Net income/total owners' equity






35. Being accountable or being able to justify an action






36. profitability - liquidity - activities - and leverage/debt






37. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






38. Strategy whereby a firm sells one or more of its business units






39. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






41. Use a brand name on a variety of related products






42. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






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






45. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






46. Management process of monotoring an organization's performance to ensure that it is meeting its goals






47. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






48. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






50. A short - specific written statement of the reason a business exists and what it wants to achieve.