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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






2. Stems from personal trust and respect members have for the leader






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






4. Occurs when two companies form one corporation






5. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






7. Somethings needed by a community and provided by its government






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






9. Informal communication between customers and potential customers






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






11. Choosing one alternative from among several options






12. Demographics - psychographics - and geographics






13. Where products are conveniently placed for customers






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






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






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






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






18. A firm's portion of the total sales in a market






19. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






20. Difference of revenues - costs - and profit from the planned amounts.






21. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






22. Roles of shareholders - directors - and other managers in corporate decision making and accountability






23. Expensive - rarely purchased good or service






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






25. Form of a corporation spanning national boundaries






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






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






28. Reporting relationships within a company






29. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






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






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






33. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






34. Goal set for the very near future






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






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






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






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






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






40. Marketers focus on stimulating demand for the new product






41. A leadership style where the manager is directive and controlling






42. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






44. A period during which aggregate output - as measured by GDP - declines






45. Business owned and usually operated by one person who is responsible for all its debts






46. Specification of the jobs to be done within an organization and the ways in which they relate to one another






47. Direct communication other than personal sales contacts designed to effect a measurable response






48. Illegal practice of using special knowledge about a firm for profit or gain






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