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. Something that the employee dislikes is taken away






2. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






4. Exchange of value between parties






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






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






7. A firm's portion of the total sales in a market






8. Power of a good or services to satisfy a human need






9. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






10. Partnership between two or more companies to closely link their brand names together for a single product






11. A business that grows products or takes raw material from nature






12. The collection and analysis of information for making marketing decisions






13. The willingness and ability of producers to offer a good or service for sale






14. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






15. Cost of goods sold = beginning inventory + net purchases - ending inventory






16. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






17. Offering a temporary reduction in price






18. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






20. Top management team of a corporation






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






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






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






24. A prolonged and deep recession






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






26. Goal set for the very near future






27. Assets = liabilities + owner's equity






28. ____ 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






29. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






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






32. Motivator and hygiene factors need to be met to prevent dissatisfaction

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33. Senior company managers who serve on the company's board of directors are known as ____.






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






35. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






36. Continually adjusting prices to reflect changes in supply and demand






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






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






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






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






41. When organizations change raw materials into finished goods






42. Corporation whose stock is held by only a few people and is not available for sale to the general public






43. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






45. Activities needed to move a product efficiently from manufacturer to consumer






46. Creating a flatter organization structure normally cutting out middle management






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






48. 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.






49. Assets - liabilities = owner's equity

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50. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.