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. Assets = liabilities + owner's equity






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






3. The combined use of tactical and strategic management






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






5. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






6. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






7. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






8. A group of customer who need or want a particular product and have the money to buy it






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






10. Communications channels - such as newspapers - radio - and television






11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






12. Discount offered by producers to wholesalers and retailers






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






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






15. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






17. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






18. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






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






22. Being accountable or being able to justify an action






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






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






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






26. Form - time - place - possession






27. Free or bargain-priced items offered to encourage customers to buy a product






28. Internal descriptors such as attitudes - interests - values - behaviors - and habits






29. A series of related products offered by a firm






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






31. Amounts that are currently due to a company






32. Payments other than wages or salaries - other benefits






33. Inexpensive good or service purchased and consumed rapidly and regularly






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






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






36. The creation and sharing of product-related information among customers and potential customers






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






38. Motivator and hygiene factors need to be met to prevent dissatisfaction

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39. Individuals or households that buy goods and services for personal use






40. Objective that a business hopes and plans to achieve






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






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






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






44. Diagram depicting a company's structure and showing employees where they fit into its operations






45. An increase in liabilities






46. Authority granted to committees or teams involved in a firm's daily operations






47. Planned economic system in which the government owns and operates only selected major sources of production






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






49. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






50. Nonsales communication that businesses have with their various audiences