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. Current assets minus current liabilities






2. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






3. Specific customer groups or segments to whom a company wants to sell a particular product






4. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






5. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






7. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






8. Brands owned by the manufacturers and distributed nationally






9. Organization for economic - social - and security cooperation among European nations






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






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






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






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






14. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






15. When a task is too time consuming for a manager to handle alone - he or she may ____.






16. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






17. Form of a corporation spanning national boundaries






18. Strategy whereby a firm sells one or more of its business units






19. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






21. Arises when group members recognize that the leader has special expertise in the area






22. Type of partnership consisting of limited partners and a general (or active) partner






23. 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






24. Characteristic of centralized companies with multiple layers of management






25. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






26. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






27. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






28. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






29. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






31. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






33. Offering several products for a single price that is presumably lower than the total of the products' individual prices






34. Market or industry in which there is only one producer that can therefore set the prices on all of its products






35. Sales volume at a given price that will cover all of a company's costs






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






37. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






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






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






40. Exchange of value between parties






41. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






42. Legal principal holding owners responsible for paying off all debts of a business






43. Occurs when widespread price increases occur throughout an economic system






44. An increase in liabilities






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






46. Identification and marketing of a social issues - cause - or idea to selected target markets






47. Compensation other than wages and salaries






48. Strategic alliance in which the collaboration involves joint ownership of the new venture






49. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






50. profitability - liquidity - activities - and leverage/debt