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. The action of ensuring that operations produce products that meet specific quality standards






2. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






3. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






4. Building a specific and unique product to meet the needs of one consumer






5. The ability to carry out a task






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






7. 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






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






9. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






10. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






12. Any 12 consecutive months used as an accounting period






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






14. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






15. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






17. A large number of identical products are assembled using a continuous - efficient procedure






18. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






19. Customer value added by making a product available at a convenient time






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






21. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






22. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






24. Activities producing intangible and tangible products - such as entertainment - transportation - and education






25. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






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






28. Physical products purchased by consumers for personal use






29. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






30. Compensation other than wages and salaries






31. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






33. 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






34. The value that a company has built up in a brand






35. The state of being certain that adverse effects will not be caused by some agent under defined conditions






36. Mix of people in organizations in terms of essential/demographic status






37. The way a manager teats and directs employees






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






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






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






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






42. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






43. Expensive - rarely purchased good or service






44. Strategy in which two or more organizations collaborate on a project for mutual gain






45. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






47. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






48. Portion of a brand that cannot be expressed verbally






49. Transferring work to another country






50. 12 month accounting period that begins on January 1 and ends on December 31