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. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






3. Skills in defining problems and selecting the best courses of action






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






5. Direct communication other than personal sales contacts designed to effect a measurable response






6. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






7. Exchange of value between parties






8. Large-scale production and distribution of a product






9. Intermediary who sells products to other businesses for resale to final consumers






10. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






11. Delegating more power to employees






12. Communications channels - such as newspapers - radio - and television






13. External statistical descriptors such as age - income - gender - and profession






14. Compensation other than wages and salaries






15. Industry in which one company can most efficiently supply all needed goods or services






16. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






18. Online ads that are linked to search engine results or website content






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






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






21. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






22. Arises when group members recognize that the leader has special expertise in the area






23. 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






24. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






25. Specification of the jobs to be done within an organization and the ways in which they relate to one another






26. Management process of monotoring an organization's performance to ensure that it is meeting its goals






27. Location






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






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






30. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






32. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






33. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






34. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






36. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






38. A series of related products offered by a firm






39. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






41. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






42. Advertising sent directly to potential customers - usually through the mail






43. profitability - liquidity - activities - and leverage/debt






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






45. 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.






46. Alternative plans to be implemented if uncontrollable event occur






47. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






48. A measure of the sensitivity of demand to changes in price






49. Products characterized by a plain label - with no advertising and no brand name






50. Discount offered by producers to wholesalers and retailers