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. Goal set for an extended time - typically 5 years or more in the future






2. Introducing a new product at a low price in hopes of building sales volume quickly






3. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






4. When organizations change raw materials into finished goods






5. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






7. 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






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






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






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






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






12. 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






13. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






14. 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.






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






16. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






17. 12 month accounting period that begins on January 1 and ends on December 31






18. 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






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






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






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






22. Agreement to produce and market another company's product in exchange for a royalty or fee






23. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






24. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






25. Product made or grown domestically but sold abroad






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






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






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






29. Exchange of value between parties






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






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

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32. Informal work groups can affect ____.






33. Sales promotion aimed at final consumers






34. Alternative plans to be implemented if uncontrollable event occur






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






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






37. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






38. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






39. The ability to carry out a task






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






41. Elimination of rules that restrict business activity






42. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






43. Business costs that increase with the number of units produced






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






45. Being accountable or being able to justify an action






46. A business that is involvec with moving goods from producers to consumers






47. Business owned and usually operated by one person who is responsible for all its debts






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






49. The willingness and ability of buyers to purchase a good or service






50. Process of converting government enterprises into privately owned companies