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






2. Intermediary who sells products directly to consumers






3. Informal communication between customers and potential customers






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






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






6. Group of small investors who invest money in companies with rapid growth potential






7. Physical products purchased by companies to produce other products






8. ____ 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






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






10. Making a product available at a convenient time






11. Pricing selling one product at a loss as a way to entice customers to consider other products






12. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






13. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






14. Economic system that allows individuals to pursue their own interests without undue governmental restriction






15. 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.






16. The amount of money charged for a product or service






17. Obligation employees have to their manager for the successful completion of an assigned task






18. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






19. Economy in which individuals control production and allocation decisions through supply and demand






20. Where products are conveniently placed for customers






21. The ability to carry out a task






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






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






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






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






26. Reporting relationships within a company






27. Roles of shareholders - directors - and other managers in corporate decision making and accountability






28. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






29. Unwelcome sexual advances in the workplace






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






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






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






33. A short - specific written statement of the reason a business exists and what it wants to achieve.






34. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






36. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






37. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






38. 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






39. Brands that have been given legal protection so that their owners have exclusive rights to their use






40. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






41. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






42. Positive reinforcement - negative reinforcement - punishment






43. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






44. Use a brand name on a variety of related products






45. Charging a high price for a new product during the introductory stage and lowering the price later






46. Goal set for the very near future






47. Electronic media that invite participation by the general public






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






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






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







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Can you answer 50 questions in 15 minutes?


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