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. Mechanism for exchange between buyers and sellers of a particular good or service






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






3. Building a specific and unique product to meet the needs of one consumer






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






5. Assets - liabilities = owner's equity


6. 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






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






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






9. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






10. Activities producing intangible and tangible products - such as entertainment - transportation - and education






11. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






12. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






13. 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






14. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






15. Objective that a business hopes and plans to achieve






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






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






18. Formal agreement to set prices. Sometimes illegal - but is typically secretive






19. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






20. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






22. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






23. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






24. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






25. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






26. Characteristic of centralized companies with multiple layers of management






27. Planned economic system in which the government owns and operates only selected major sources of production






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






29. Offering a temporary reduction in price






30. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)


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






32. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






33. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






34. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






35. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






36. This level of management includes department heads and district sales managers.






37. Selling or supporting the sales process over the telephone






38. A large number of identical products are assembled using a continuous - efficient procedure






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






40. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






42. One seller of a product - denies people competition and is against the law (They can typically raise prices)






43. Occurs when two companies form one corporation






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






45. Organization's methods for dealing with emergencies






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






47. Ratio between net income after taxes and net sales; also known as profit margin






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






49. Act of obtaining a desired object or services from another party by offering something of value in return






50. A forecast of financial requirements and the financing sources to be used