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






2. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






3. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






4. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






5. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






6. Statement of a firm's financial position on a particular date; also known as a statement of financial position






7. Somethings needed by a community and provided by its government






8. When organizations change raw materials into finished goods






9. Vying among businesses for the same resources or customers






10. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






11. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






12. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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

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14. A prolonged and deep recession






15. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






17. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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

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19. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






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






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






23. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






24. 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






25. 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






26. 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






27. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






28. Assets = liabilities + owner's equity






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






30. Money paid to acquire something of permanent value in a business






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






32. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






34. An action is morally correct - when - among the people it affects...






35. Certificates that offer discounts on particular items and are redeemed at the time of purchase






36. Body of decisions handed down by courts ruling on individual cases






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






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






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






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






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






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






43. The price of your nation's currency is in terms of another nation's currency






44. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






46. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






47. People are internally motivated






48. When a task is too time consuming for a manager to handle alone - he or she may ____.






49. Physical products purchased by consumers for personal use






50. 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