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. Top management team of a corporation






2. Making decisions without consulting anyone






3. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






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






6. Assets = liabilities + owner's equity






7. 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






8. The way you live as measure by the kinds and quality of goods and services you can afford






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






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






11. Vying among businesses for the same resources or customers






12. Customer value added by making a product available in a convenient location






13. Money paid to acquire something of permanent value in a business






14. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






15. Codified rules of behavior enforced by society






16. Activities producing tangible products such as radios - newspapers - buses and textbooks






17. Process of converting government enterprises into privately owned companies






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






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






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






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






22. Selling or supporting the sales process over the telephone






23. Product that is dissimilar from those of competitors but than can fulfill the same need






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






25. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






27. The way a manager teats and directs employees






28. Stocks - bonds - and other investments that can be turned into cash quickly






29. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






30. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






32. Categorization of customers according to their geographical location






33. Organization in which most decision-making authority is held by upper-level management






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






35. Acquiring funds by selling shares of a company's stock






36. 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






37. The action of ensuring that operations produce products that meet specific quality standards






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






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






40. Mechanism for exchange between buyers and sellers of a particular good or service






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






42. Partner who actively manages a firm and who has unlimited liability for its debts






43. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






44. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






46. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






47. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






49. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






50. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals