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. Vying among businesses for the same resources or customers






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






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






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






5. profitability - liquidity - activities - and leverage/debt






6. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






7. Method of calculating the minimum volume of sales needed at a given price to cover all costs






8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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. Larger visual and multimedia ads that appear on websites






11. Occurs when two companies form one corporation






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






13. Management process of guiding and motivating employees to meet an organization's objectives






14. Partner who actively manages a firm and who has unlimited liability for its debts






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






16. Skills in defining problems and selecting the best courses of action






17. Form of a corporation spanning national boundaries






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






19. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






21. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






22. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






24. Brand awareness - brand preference - brand insistence






25. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






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






28. Process of converting government enterprises into privately owned companies






29. The willingness and ability of producers to offer a good or service for sale






30. Law made by the authority of administrative agencies






31. Brands owned by the manufacturers and distributed nationally






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






33. The movement of an economy from one condition to another and back again






34. Informal work groups can affect ____.






35. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






36. Process by which the world is becoming a single interdependent system






37. 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






38. Online ads that are linked to search engine results or website content






39. The willingness and ability of buyers to purchase a good or service






40. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






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






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






44. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






45. Assets - liabilities = owner's equity

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46. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






47. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






48. People are lazy






49. Mechanism for exchange between buyers and sellers of a particular good or service






50. In bookkeeping - an increase in assets