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 formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






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






4. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






6. 12 month accounting period that begins on January 1 and ends on December 31






7. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






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






10. Market or industry characterized by numerous small firms producing an identical product






11. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






13. Group of small investors who invest money in companies with rapid growth potential






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






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






16. Lots of leeway to workers to meet goals






17. Stocks - bonds - and other investments that can be turned into cash quickly






18. Customer value added by making a product available at a convenient time






19. Difference of revenues - costs - and profit from the planned amounts.






20. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






23. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






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






25. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






26. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






29. The degree to which customers continue to purchase a specific brand






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






31. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






34. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






36. Demographics - psychographics - and geographics






37. Intermediary who sells products directly to consumers






38. Categorization of customers according to their geographical location






39. Manager responsible for supervising the work of employees






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






41. Assets - liabilities = owner's equity

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42. Goal set for the very near future






43. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






45. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






46. Product made or grown abroad but sold domestically






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






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






49. Exchange of value between parties






50. Something that the employee dislikes is taken away