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. Postsales reductions in price - must be applied for by the purchaser






2. Occurs when two companies form one corporation






3. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






4. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






6. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






7. The union of two corporations to form a new corporation






8. All costs of operation that are not included under cost of goods sold






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






10. Free or bargain-priced items offered to encourage customers to buy a product






11. A business firm that does things for you instead of making or makerting products






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






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






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






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






16. The action of ensuring that operations produce products that meet specific quality standards






17. Process by which the world is becoming a single interdependent system






18. Managers and workers cooperating as a team






19. Form of nonstore retailing in which the telephone is used to sell directly to consumers






20. Confusion results if a person reports to two people at once - according to ____.






21. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






23. 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






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






25. 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






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






27. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






29. Exchange of value between parties






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






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






32. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






33. 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






34. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






35. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






36. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






37. Compensation other than wages and salaries






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






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






40. Money paid to acquire something of permanent value in a business






41. A short - specific written statement of the reason a business exists and what it wants to achieve.






42. Senior company managers who serve on the company's board of directors are known as ____.






43. 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.






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






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






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






47. Direct communication other than personal sales contacts designed to effect a measurable response






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






49. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






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