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. Offering several products for a single price that is presumably lower than the total of the products' individual prices






2. People are lazy






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






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






5. Payments other than wages or salaries - other benefits






6. The creation and sharing of product-related information among customers and potential customers






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






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






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






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






11. Selling one product at a loss as a way to entice customers to consider other products






12. Form of a corporation spanning national boundaries






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






14. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






15. Ratio between net income after taxes and total owners' equity; also known as return on equity






16. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






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






19. Being accountable or being able to justify an action






20. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






21. A period during which aggregate output - as measured by GDP - declines






22. Selling or supporting the sales process over the telephone






23. Introducing a new product at a low price in hopes of building sales volume quickly






24. Customer value added by making a product available at a convenient time






25. Results from the leader's ability to give or withhold rewards






26. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






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






29. Court-granted permission for a company to not pay some or all debts






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






31. Exchange of value between parties






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






33. Sales promotion aimed at final consumers






34. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






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






37. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






38. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






40. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






41. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






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






43. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






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






46. 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






47. Process through which a manager allocates work to subordinates






48. Elimination of rules that restrict business activity






49. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






50. Informal work groups can affect ____.