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






2. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






3. Ratio between net income after taxes and net sales; also known as profit margin






4. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






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






7. Independent and well informed buyers and sellers of the exact same product (farmers markets)






8. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






9. Large-scale production and distribution of a product






10. Organization for economic - social - and security cooperation among European nations






11. In bookkeeping - an increase in assets






12. A leadership style where managers are less directive and involved employees in decision making






13. A prolonged and deep recession






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






15. Vying among businesses for the same resources or customers






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






17. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






18. Form - time - place - possession






19. A business firm that does things for you instead of making or makerting products






20. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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21. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






22. Discount offered by producers to wholesalers and retailers






23. Applying a successful brand name to a new product category






24. Being accountable or being able to justify an action






25. Study of statistical characteristics of a population






26. When a task is too time consuming for a manager to handle alone - he or she may ____.






27. A period during which aggregate output - as measured by GDP - declines






28. Measures income earned on owners' investment - formula: Net income/total owners' equity






29. Building a specific and unique product to meet the needs of one consumer






30. Goal set for the very near future






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






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






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






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






35. Objective that a business hopes and plans to achieve






36. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






38. A group of customer who need or want a particular product and have the money to buy it






39. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






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






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






43. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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






45. The level of joblessness among people actively seeking work in an economic system






46. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






47. Advertising designed to encourage customers to try new products or to switch brands






48. This law guards against false advertising.






49. Promotional campaigns that send information only to those people who've specifically asked to receive it






50. Authority granted to committees or teams involved in a firm's daily operations