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. Current assets minus current liabilities






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






3. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






4. Activities producing tangible products such as radios - newspapers - buses and textbooks






5. Strategic alliance in which the collaboration involves joint ownership of the new venture






6. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






7. Elimination of rules that restrict business activity






8. Illegal practice of using special knowledge about a firm for profit or gain






9. 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






10. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






11. 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






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






13. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






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






15. Process by which the world is becoming a single interdependent system






16. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






18. Alternative plans to be implemented if uncontrollable event occur






19. The ability to get others to accoplish tasks because of the position the leader holds






20. Top management team of a corporation






21. Physical products purchased by consumers for personal use






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






23. 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






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






25. Changing jobs or tasks from time to time






26. In a ____ authority originates at the top and moves downward in a line.






27. Mechanism for exchange between buyers and sellers of a particular good or service






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






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






30. The value that a company has built up in a brand






31. Sales volume at a given price that will cover all of a company's costs






32. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






33. Location






34. Product made or grown abroad but sold domestically






35. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






36. Business costs that remain constant regardless of the number of units produced






37. Offering a temporary reduction in price






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






39. Customer value added by making a product available in a convenient location






40. Type of partnership consisting of limited partners and a general (or active) partner






41. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






42. The process of comparing an organization's products or services and processes with those of another companies






43. Behavior exhibited by consumers as they consider - select - and purchase goods and services






44. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






45. Effective acquisition and use of money






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






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






48. An increase in liabilities






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






50. Customer value created by converting raw materials and other inputs into finished goods and services