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. Payments other than wages or salaries - other benefits






2. The ability to get others to accoplish tasks because of the position the leader holds






3. Physical products purchased by consumers for personal use






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






5. Unwelcome sexual advances in the workplace






6. The value that a company has built up in a brand






7. Compensation other than wages and salaries






8. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






10. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






12. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






13. Expensive - rarely purchased good or service






14. Selling method in which the price is set by customers bidding against each other






15. 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






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






17. Activities producing intangible and tangible products - such as entertainment - transportation - and education






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






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






20. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






21. Business costs that increase with the number of units produced






22. Individuals or households that buy goods and services for personal use






23. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






24. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






25. Changes the form of material so they can be consumed or used to manufacture other products






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






27. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






28. Behavior exhibited by consumers as they consider - select - and purchase goods and services






29. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






30. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






31. Demographics - psychographics - and geographics






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






33. Assets = liabilities + owner's equity






34. Portion of a brand that cannot be expressed verbally






35. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






37. Market or industry characterized by numerous small firms producing an identical product






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






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






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






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






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






43. Introductory stage - growth stage - maturity stage - decline stage






44. Characteristic of centralized companies with multiple layers of management






45. The process of comparing an organization's products or services and processes with those of another companies






46. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






48. Exchange of value between parties






49. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






50. Ratios that measure the effectiveness of the firm's use of its resources