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






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






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






4. Economic system that allows individuals to pursue their own interests without undue governmental restriction






5. Any 12 consecutive months used as an accounting period






6. An increase in liabilities






7. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






8. Compensation other than wages and salaries






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






10. The act of transferring net revenue and expense account balances to retained earnings for the period






11. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






12. Economy in which individuals control production and allocation decisions through supply and demand






13. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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






15. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






16. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






18. Creating a flatter organization structure normally cutting out middle management






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






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






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






22. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






23. Activities producing intangible and tangible products - such as entertainment - transportation - and education






24. Vying among businesses for the same resources or customers






25. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






26. Physical products purchased by consumers for personal use






27. Management process of guiding and motivating employees to meet an organization's objectives






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






29. In a ____ authority originates at the top and moves downward in a line.






30. 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






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






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






33. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






34. Product made or grown domestically but sold abroad






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






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






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






38. Electronic media that invite participation by the general public






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






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






41. Management process of determining what an organization needs to do and how best to get it done






42. A prolonged and deep recession






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






44. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






45. Transferring work to another country






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






47. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






49. Where products are conveniently placed for customers






50. Beliefs about what is right or wrong and good or bad in actions that affect others