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. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






2. A leadership style where managers are less directive and involved employees in decision making






3. Occurs when two companies form one corporation






4. 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.






5. Goal set for the very near future






6. Ratios that measure a firm's reliance on debt financing of its operations






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






8. The combined use of tactical and strategic management






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






10. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






12. The amount of money charged for a product or service






13. Goal set for an extended time - typically 5 years or more in the future






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






15. Form of a corporation spanning national boundaries






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






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






18. Bar codes on product packages that provide information read by optical scanners






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






20. Demographics - psychographics - and geographics






21. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






23. A business that is involvec with moving goods from producers to consumers






24. Top manager who is responsible for the overall performance of a corporation






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






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






27. Advertising sent directly to potential customers - usually through the mail






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






29. Alternative plans to be implemented if uncontrollable event occur






30. Process through which a manager allocates work to subordinates






31. The ability to carry out a task






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






33. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






35. Physical products purchased by companies to produce other products






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






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






39. Mix of people in organizations in terms of essential/demographic status






40. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






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






43. Organization's methods for dealing with emergencies






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






45. Ratio between net income after taxes and net sales; also known as profit margin






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






47. An increase in liabilities






48. Something that the employee dislikes is taken away






49. The four key elements of marketing strategy: product - price - distribution - and promotion






50. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance