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. Results from the leader's ability to give or withhold rewards






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






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






4. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






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






6. Expensive - rarely purchased good or service






7. Brands owned by the manufacturers and distributed nationally






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






9. Customer value added by making a product available in a convenient location






10. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






11. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






12. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






13. The ability to get others to accoplish tasks because of the position the leader holds






14. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






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






17. Characteristic of centralized companies with multiple layers of management






18. Elimination of rules that restrict business activity






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






20. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






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






22. Categorization of customers according to their relationship with products or response to product characteristics






23. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






24. Physical products purchased by companies to produce other products






25. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






27. Large-scale production and distribution of a product






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






29. Study of statistical characteristics of a population






30. Something produced by the intellect or mind that has commercial value






31. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






32. Owner of shares of stock in a corporation






33. Making a product available at a convenient time






34. The way you live as measure by the kinds and quality of goods and services you can afford






35. Rewarded for good performance; something the employee likes is praised






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






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






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






39. Cash and items that can be turned into cash within one year






40. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






41. Amounts that are currently due to a company






42. A detailed series of related steps or tasks written to implement a policy is called a ____.






43. Sales promotion aimed at final consumers






44. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






45. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






46. Categorization of customers according to their geographical location






47. Organization in which most decision-making authority is held by upper-level management






48. 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






49. The quantity of a good that an average worker can produce in an hour






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