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. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






2. Any 12 consecutive months used as an accounting period






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






4. Authority granted to committees or teams involved in a firm's daily operations






5. Goal set for the very near future






6. Larger visual and multimedia ads that appear on websites






7. Certificates that offer discounts on particular items and are redeemed at the time of purchase






8. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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9. The ability to get others to accoplish tasks because of the position the leader holds






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






11. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






14. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






15. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






16. Nonsales communication that businesses have with their various audiences






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






18. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






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






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






21. The ability to carry out a task






22. Activities producing intangible and tangible products - such as entertainment - transportation - and education






23. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






24. Organization for economic - social - and security cooperation among European nations






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






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






27. Something that the employee dislikes is taken away






28. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






29. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






30. Compensation other than wages and salaries






31. Occurs when widespread price increases occur throughout an economic system






32. Categorization of customers according to their relationship with products or response to product characteristics






33. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






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






36. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






37. Codified rules of behavior enforced by society






38. Creating a flatter organization structure normally cutting out middle management






39. Assets = liabilities + owner's equity






40. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






41. The state of being certain that adverse effects will not be caused by some agent under defined conditions






42. Something produced by the intellect or mind that has commercial value






43. Management process of guiding and motivating employees to meet an organization's objectives






44. Pricing selling one product at a loss as a way to entice customers to consider other products






45. Elimination of rules that restrict business activity






46. Top management team of a corporation






47. Physical products purchased by companies to produce other products






48. Cash and items that can be turned into cash within one year






49. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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