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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. Making a product available at a convenient time






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






3. 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






4. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






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






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






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






8. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






9. An increase in liabilities






10. Top management team of a corporation






11. Introductory stage - growth stage - maturity stage - decline stage






12. Customer value created when someone takes ownership of a product






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






14. A leadership style where managers are less directive and involved employees in decision making






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






16. Somethings needed by a community and provided by its government






17. The creation and sharing of product-related information among customers and potential customers






18. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






19. Agreement to produce and market another company's product in exchange for a royalty or fee






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






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






22. 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






23. A series of related products offered by a firm






24. Nonsales communication that businesses have with their various audiences






25. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






26. Elimination of rules that restrict business activity






27. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






28. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






29. This level of management includes department heads and district sales managers.






30. Product that is dissimilar from those of competitors but than can fulfill the same need






31. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






32. Delegating more power to employees






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






34. Intermediary who sells products directly to consumers






35. 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






36. Where products are conveniently placed for customers






37. Brand awareness - brand preference - brand insistence






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






39. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






40. Planned economic system in which the government owns and operates only selected major sources of production






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






42. Current assets minus current liabilities






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






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






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






46. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






47. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






49. Making decisions without consulting anyone






50. Product made or grown abroad but sold domestically







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