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. 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






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






3. Selling method in which the price is set by customers bidding against each other






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






5. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






6. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






7. Business owned and usually operated by one person who is responsible for all its debts






8. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






9. Product made or grown domestically but sold abroad






10. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






12. Brands that have been given legal protection so that their owners have exclusive rights to their use






13. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






14. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






15. Acquiring funds through borrowing






16. Physical products purchased by companies to produce other products






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






18. 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






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






20. Product - price - distribution - customer communication

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21. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






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






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






25. Strategy in which two or more organizations collaborate on a project for mutual gain






26. Process of converting government enterprises into privately owned companies






27. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






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






29. This law guards against false advertising.






30. Where products are conveniently placed for customers






31. An extra amount of time granted to a party to make a payment






32. Process of dealing with employees who are represented by a union






33. Elimination of rules that restrict business activity






34. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






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






37. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






38. Advertising intended to remind existing customers of a product's availability and benefits






39. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






40. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






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






43. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






44. A group of customer who need or want a particular product and have the money to buy it






45. Product made or grown abroad but sold domestically






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






47. When organizations change raw materials into finished goods






48. Ratio between net income after taxes and total owners' equity; also known as return on equity






49. Making decisions without consulting anyone






50. Amounts that are currently due to a company