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






2. Strategy in which two or more organizations collaborate on a project for mutual gain






3. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






6. Small software programs that provide part of the functionality of a website






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






8. Portion of a brand that can be expressed orally - including letters - words - or numbers






9. The movement of an economy from one condition to another and back again






10. Effective acquisition and use of money






11. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






12. Management process of determining what an organization needs to do and how best to get it done






13. Complete list of all products that a company offers for sale






14. Ratios that measure the effectiveness of the firm's use of its resources






15. Informal work groups can affect ____.






16. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






17. Manager responsible for supervising the work of employees






18. Introductory stage - growth stage - maturity stage - decline stage






19. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






20. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






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






22. 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






23. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






24. Nonsales communication that businesses have with their various audiences






25. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






26. Process of converting government enterprises into privately owned companies






27. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






29. Organization in which most decision-making authority is held by upper-level management






30. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






32. Legal principal holding owners responsible for paying off all debts of a business






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






34. 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






35. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






36. Alternative plans to be implemented if uncontrollable event occur






37. Something produced by the intellect or mind that has commercial value






38. Product that is dissimilar from those of competitors but than can fulfill the same need






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






40. Promotional campaigns that send information only to those people who've specifically asked to receive it






41. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






43. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






44. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






45. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






46. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






47. 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






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






49. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






50. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'







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