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






2. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






4. A detailed series of related steps or tasks written to implement a policy is called a ____.






5. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






6. 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






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






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






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






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






11. Larger visual and multimedia ads that appear on websites






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






13. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






14. A document - generally issued by a state government - giving permission to start a corporation






15. An action is morally correct - when - among the people it affects...






16. Specification of the jobs to be done within an organization and the ways in which they relate to one another






17. Sales promotion aimed at final consumers






18. A leadership style where the manager is directive and controlling






19. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






20. Measures income earned on owners' investment - formula: Net income/total owners' equity






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






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






23. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






24. Cost of producing or acquiring a company's products for sale during a given period






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






26. Results from the leader's ability to give or withhold rewards






27. 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






28. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






29. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






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






32. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






33. In bookkeeping - an increase in assets






34. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






35. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






36. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






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






39. 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






40. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






41. Management process of guiding and motivating employees to meet an organization's objectives






42. Pricing selling one product at a loss as a way to entice customers to consider other products






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






44. A series of related products offered by a firm






45. Power to make the decisions necessary to complete a task






46. Process of scanning the business environment for threats and opportunities






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






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






49. Individuals or households that buy goods and services for personal use






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