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






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






3. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






4. A sustained increase in the general level of prices






5. Assets = liabilities + owner's equity






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






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






8. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






9. Continually adjusting prices to reflect changes in supply and demand






10. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






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






13. Charging a high price for a new product during the introductory stage and lowering the price later






14. Body of decisions handed down by courts ruling on individual cases






15. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






17. Owner of shares of stock in a corporation






18. Being accountable or being able to justify an action






19. Type of partnership consisting of limited partners and a general (or active) partner






20. Something that the employee dislikes is taken away






21. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






23. 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.






24. Act of obtaining a desired object or services from another party by offering something of value in return






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






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






27. 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






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






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






30. Customer value created by converting raw materials and other inputs into finished goods and services






31. Offering a temporary reduction in price






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






33. Organization for economic - social - and security cooperation among European nations






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






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






36. The level of joblessness among people actively seeking work in an economic system






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






38. Skills in defining problems and selecting the best courses of action






39. Industry in which one company can most efficiently supply all needed goods or services






40. Alternative plans to be implemented if uncontrollable event occur






41. Discount offered by producers to wholesalers and retailers






42. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






43. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






44. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






45. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






46. 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






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






48. Characteristic of decentralized companies with relatively few layers of management






49. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






50. The principal that exchange rates are set so that the prices of similar products in different countries are about the same







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