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. Stocks - bonds - and other investments that can be turned into cash quickly






2. Formal agreement to set prices. Sometimes illegal - but is typically secretive






3. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






4. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






6. The purchase of one company by another






7. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






8. 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






9. People are internally motivated






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






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






12. All the operating expenses associated with marketing goods or services






13. Physical products purchased by companies to produce other products






14. Acquiring funds through borrowing






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






16. Advertising sent directly to potential customers - usually through the mail






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






18. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






19. Intermediary who sells products directly to consumers






20. Larger visual and multimedia ads that appear on websites






21. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






22. Ratio between net income after taxes and net sales; also known as profit margin






23. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






24. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






25. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






27. Objective that a business hopes and plans to achieve






28. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






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






31. Lots of leeway to workers to meet goals






32. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






33. Market or industry characterized by numerous small firms producing an identical product






34. Changing jobs or tasks from time to time






35. Process through which a manager allocates work to subordinates






36. Introductory stage - growth stage - maturity stage - decline stage






37. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






38. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






40. Occurs when two companies form one corporation






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

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42. Independent and well informed buyers and sellers of the exact same product (farmers markets)






43. Provides protection for the product - makes products easier to display - and attracts attention






44. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






46. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






47. Sales promotion aimed at final consumers






48. Assets - liabilities = owner's equity

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49. 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






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