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






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






3. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






4. Large-scale production and distribution of a product






5. Advertising intended to remind existing customers of a product's availability and benefits






6. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






8. Physical products purchased by consumers for personal use






9. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






10. Portion of a brand that cannot be expressed verbally






11. Identification and marketing of a social issues - cause - or idea to selected target markets






12. Reporting relationships within a company






13. 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






14. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






15. Power of a good or services to satisfy a human need






16. Power to make the decisions necessary to complete a task






17. Elimination of rules that restrict business activity






18. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






19. Managers who develop and implement a complete strategy and marketing program for specific products or brands






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






21. Current assets minus current liabilities






22. Marketers focus on stimulating demand for the new product






23. Choosing one alternative from among several options






24. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






25. In bookkeeping - an increase in assets






26. Assets - liabilities = owner's equity

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






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






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






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






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






32. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






33. 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






34. Costs created in the process of generating revenues






35. A sustained increase in the general level of prices






36. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






37. People are lazy






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






39. Products characterized by a plain label - with no advertising and no brand name






40. Planned economic system in which the government owns and operates only selected major sources of production






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






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






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






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






45. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






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






48. The degree to which customers continue to purchase a specific brand






49. Obligations that must be next within a year






50. This level of management includes department heads and district sales managers.