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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






2. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






3. Takes the extractor's products or raw materials and changs the into a form that consumers can use






4. Systems for moving goods and services from producers to customers; also known as marketing channels






5. Where products are conveniently placed for customers






6. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






7. The value that a company has built up in a brand






8. Physical products purchased by companies to produce other products






9. Authority granted to committees or teams involved in a firm's daily operations






10. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






13. 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






14. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






16. The way a manager teats and directs employees






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






18. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






19. 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.






20. Cost of goods sold = beginning inventory + net purchases - ending inventory






21. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






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






23. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






24. Personal communication between a seller and one or more potential buyers






25. Activities producing tangible products such as radios - newspapers - buses and textbooks






26. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






28. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






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






31. Claims against a firm's assets by creditors - such as banks and suppliers






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






33. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






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






36. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






37. The company founder is no longer solely responsible for all decision making during the ____.






38. Identification and marketing of a social issues - cause - or idea to selected target markets






39. 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






40. Making a product available at a convenient time






41. The four key elements of marketing strategy: product - price - distribution - and promotion






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






43. Stems from personal trust and respect members have for the leader






44. Certificates that offer discounts on particular items and are redeemed at the time of purchase






45. Strategy whereby a firm sells one or more of its business units






46. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






47. Process of converting government enterprises into privately owned companies






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






49. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






50. 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