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. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






2. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






3. Assets = liabilities + owner's equity






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






5. Selling one product at a loss as a way to entice customers to consider other products






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






7. Changes the form of material so they can be consumed or used to manufacture other products






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






9. Product made or grown domestically but sold abroad






10. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






11. Ethical or unethical behaviors by employees in the context of their jobs






12. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






13. Cash and items that can be turned into cash within one year






14. Bar codes on product packages that provide information read by optical scanners






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






16. The amount of money charged for a product or service






17. Loss of brand identity and the cannibalization of sales of other products in the product line






18. Introductory stage - growth stage - maturity stage - decline stage






19. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






20. Media: news release; audience: broad - intensity: passive - active; purpose: inform






21. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






23. Applying a successful brand name to a new product category






24. Power of a good or services to satisfy a human need






25. Brands owned by the manufacturers and distributed nationally






26. 12 month accounting period that begins on January 1 and ends on December 31






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






28. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






30. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






32. Top manager who is responsible for the overall performance of a corporation






33. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






34. Manager responsible for a firm's overall performance and effectiveness






35. Business costs that remain constant regardless of the number of units produced






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






37. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






39. Offering a temporary reduction in price






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






41. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






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






44. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






45. A business that is involvec with moving goods from producers to consumers






46. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






47. Delegating more power to employees






48. Current assets minus current liabilities






49. Manager responsible for implementing the strategies and working toward the goals set by top managers






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