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. Free or bargain-priced items offered to encourage customers to buy a product






2. A forecast of financial requirements and the financing sources to be used






3. Making decisions without consulting anyone






4. Making a product available at a convenient time






5. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






7. A document - generally issued by a state government - giving permission to start a corporation






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






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






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






11. 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






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






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






14. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






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






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






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






18. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






19. Product made or grown domestically but sold abroad






20. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






22. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






23. Discount offered by producers to wholesalers and retailers






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






25. Customer value created by converting raw materials and other inputs into finished goods and services






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






27. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






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






30. Business owned and usually operated by one person who is responsible for all its debts






31. Occurs when two companies form one corporation






32. Management process of monotoring an organization's performance to ensure that it is meeting its goals






33. Delegating more power to employees






34. Systems for moving goods and services from producers to customers; also known as marketing channels






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






36. Expensive - rarely purchased good or service






37. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






38. The act of transferring net revenue and expense account balances to retained earnings for the period






39. Strategy in which two or more organizations collaborate on a project for mutual gain






40. When organizations change raw materials into finished goods






41. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






42. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






44. Manager responsible for supervising the work of employees






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






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






47. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






48. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






49. Complete list of all products that a company offers for sale






50. Top management team of a corporation