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






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






3. Assets = liabilities + owner's equity






4. A business firm that does things for you instead of making or makerting products






5. Objective that a business hopes and plans to achieve






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






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






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






9. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






10. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






11. 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






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






13. Specific customer groups or segments to whom a company wants to sell a particular product






14. When organizations change raw materials into finished goods






15. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






16. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






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






18. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






20. Partnership between two or more companies to closely link their brand names together for a single product






21. When a task is too time consuming for a manager to handle alone - he or she may ____.






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






23. A large number of identical products are assembled using a continuous - efficient procedure






24. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






25. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






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






28. 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.






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






30. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






32. Claims against a firm's assets by creditors - such as banks and suppliers






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






34. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






35. Location






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






37. Form of a corporation spanning national boundaries






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






39. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






40. Continually adjusting prices to reflect changes in supply and demand






41. Characteristic of centralized companies with multiple layers of management






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






43. Applying a successful brand name to a new product category






44. Using relative information to predict how many jobs will be needed






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






46. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






48. Occurs when two companies form one corporation






49. Portion of a brand that cannot be expressed verbally






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