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






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






3. Intermediary who sells products directly to consumers






4. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






5. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






6. Senior company managers who serve on the company's board of directors are known as ____.






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






8. Nonsales communication that businesses have with their various audiences






9. Law created by consistitution(s) or by federal - state - or local legislative acts






10. A prolonged and deep recession






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






12. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






13. Process through which a manager allocates work to subordinates






14. The ability to carry out a task






15. Physical products purchased by consumers for personal use






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






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






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






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






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






21. Process of converting government enterprises into privately owned companies






22. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






23. People are internally motivated






24. Where products are conveniently placed for customers






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






26. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






27. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






29. 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






30. Objective that a business hopes and plans to achieve






31. Informal work groups can affect ____.






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






33. Diagram depicting a company's structure and showing employees where they fit into its operations






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






35. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






36. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






37. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






38. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






39. Power of a good or services to satisfy a human need






40. Delegating more power to employees






41. Process of scanning the business environment for threats and opportunities






42. Electronic media that invite participation by the general public






43. Compensation other than wages and salaries






44. Brands owned by the manufacturers and distributed nationally






45. Personal communication between a seller and one or more potential buyers






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






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






48. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






49. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






50. Agreement to produce and market another company's product in exchange for a royalty or fee