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. Rewarded for good performance; something the employee likes is praised






2. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






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






4. Communications channels - such as newspapers - radio - and television






5. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






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






8. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






10. Good or service used as the basis of commerce






11. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






12. All the operating expenses associated with marketing goods or services






13. Bar codes on product packages that provide information read by optical scanners






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






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






16. Marketers focus on stimulating demand for the new product






17. Strategy whereby a firm sells one or more of its business units






18. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






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






21. Occurs when two companies form one corporation






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






23. 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






24. Loss of brand identity and the cannibalization of sales of other products in the product line






25. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






26. Inexpensive good or service purchased and consumed rapidly and regularly






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






28. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






29. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






30. 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






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






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






33. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






35. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






36. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






38. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






39. Legal principal holding owners responsible for paying off all debts of a business






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






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






42. Business costs that increase with the number of units produced






43. Product - price - distribution - customer communication

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44. A leadership style where the manager is directive and controlling






45. The quantity of a good that an average worker can produce in an hour






46. 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






47. Small groups in the same work area that have scheduled meetings about problems and how to fix them






48. Occurs when widespread price increases occur throughout an economic system






49. Break-even point = fixed costs/ (selling price - variable costs per unit)






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