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. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






2. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






4. 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






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






6. Organization's methods for dealing with emergencies






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






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






9. Good or service used as the basis of commerce






10. Something produced by the intellect or mind that has commercial value






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






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






13. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






14. ____ 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






15. Selling one product at a loss as a way to entice customers to consider other products






16. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






18. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






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






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






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






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






24. The company founder is no longer solely responsible for all decision making during the ____.






25. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






29. Claims against a firm's assets by creditors - such as banks and suppliers






30. 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






31. Objective that a business hopes and plans to achieve






32. A Theory Y manager is most likely to ____.






33. 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






34. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






35. Unwelcome sexual advances in the workplace






36. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






37. Managers who develop and implement a complete strategy and marketing program for specific products or brands






38. Offering a temporary reduction in price






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






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






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






42. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






43. The action of ensuring that operations produce products that meet specific quality standards






44. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






45. Results from the leader's ability to give or withhold rewards






46. Current assets minus current liabilities






47. Identification and marketing of a social issues - cause - or idea to selected target markets






48. Product development stage in which a product is sold on a limited basis - a trial introduction






49. Owner of shares of stock in a corporation






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