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. People are lazy






2. Effective acquisition and use of money






3. Money paid to acquire something of permanent value in a business






4. 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






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






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






7. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






8. Current assets minus current liabilities






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






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






11. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






13. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






15. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






16. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






17. 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






18. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






19. Demographics - psychographics - and geographics






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






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






22. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






23. Elimination of rules that restrict business activity






24. The union of two corporations to form a new corporation






25. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






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






28. A business that grows products or takes raw material from nature






29. 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






30. Law made by the authority of administrative agencies






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






32. Transferring work to another country






33. The purchase of one company by another






34. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






35. Advertising intended to remind existing customers of a product's availability and benefits






36. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






37. The movement of an economy from one condition to another and back again






38. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






39. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






41. Location






42. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






43. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






44. Portion of a brand that cannot be expressed verbally






45. Marketing efforts to attract people and organizations to a particular geographical area






46. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






48. Intermediary who sells products to other businesses for resale to final consumers






49. Process of scanning the business environment for threats and opportunities






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