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. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






3. In bookkeeping - an increase in assets






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






5. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






6. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






7. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






8. Corporation whose stock is widely held and available for sale to the general public






9. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






10. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






11. Transferring work to another country






12. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






13. A detailed series of related steps or tasks written to implement a policy is called a ____.






14. Intermediary who sells products to other businesses for resale to final consumers






15. One seller of a product - denies people competition and is against the law (They can typically raise prices)






16. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






17. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






18. 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






19. The combined use of tactical and strategic management






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






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






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






23. Body of decisions handed down by courts ruling on individual cases






24. Form of nonstore retailing in which the telephone is used to sell directly to consumers






25. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






28. A short - specific written statement of the reason a business exists and what it wants to achieve.






29. Ethical or unethical behaviors by employees in the context of their jobs






30. Formal agreement to set prices. Sometimes illegal - but is typically secretive






31. Informal work groups can affect ____.






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






33. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






35. A sustained increase in the general level of prices






36. Confusion results if a person reports to two people at once - according to ____.






37. Industry in which one company can most efficiently supply all needed goods or services






38. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






39. Unwelcome sexual advances in the workplace






40. Sales volume at a given price that will cover all of a company's costs






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






42. Top management team of a corporation






43. Communications channels - such as newspapers - radio - and television






44. Act of obtaining a desired object or services from another party by offering something of value in return






45. Elimination of rules that restrict business activity






46. Demographics - psychographics - and geographics






47. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






49. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






50. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies