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






2. Building a specific and unique product to meet the needs of one consumer






3. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






4. Acquiring funds through borrowing






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






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






7. The ability to carry out a task






8. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






9. Product development stage in which a product is sold on a limited basis - a trial introduction






10. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






11. When organizations change raw materials into finished goods






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






13. 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






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






15. Unwelcome sexual advances in the workplace






16. Takes the extractor's products or raw materials and changs the into a form that consumers can use






17. Method of calculating the minimum volume of sales needed at a given price to cover all costs






18. Inexpensive good or service purchased and consumed rapidly and regularly






19. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






20. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






21. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






22. Costs created in the process of generating revenues






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






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






25. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






26. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






27. A business that grows products or takes raw material from nature






28. Any 12 consecutive months used as an accounting period






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






30. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






31. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






33. Diagram depicting a company's structure and showing employees where they fit into its operations






34. All costs of operation that are not included under cost of goods sold






35. Customer value added by making a product available at a convenient time






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






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






38. Compensation other than wages and salaries






39. The purchase of one company by another






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






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






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






43. Beliefs about what is right or wrong and good or bad in actions that affect others






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






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






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






47. 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.






48. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






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






Can you answer 50 questions in 15 minutes?



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