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. The way you live as measure by the kinds and quality of goods and services you can afford






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






3. Market or industry characterized by numerous small firms producing an identical product






4. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






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






7. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






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






9. Intermediary who sells products directly to consumers






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






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






12. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






13. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






14. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






15. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






17. Costs created in the process of generating revenues






18. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






19. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






21. Categorization of customers according to their relationship with products or response to product characteristics






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






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






24. 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






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






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






27. Systems for moving goods and services from producers to customers; also known as marketing channels






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






29. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






31. Characteristic of decentralized companies with relatively few layers of management






32. Sales promotion aimed at final consumers






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






34. Advertising intended to remind existing customers of a product's availability and benefits






35. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






37. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






38. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






39. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






40. Making decisions without consulting anyone






41. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






42. Characteristic of centralized companies with multiple layers of management






43. Process through which a manager allocates work to subordinates






44. The ability to carry out a task






45. Using relative information to predict how many jobs will be needed






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






47. Owner of shares of stock in a corporation






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






49. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






50. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals