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. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






2. Product made or grown domestically but sold abroad






3. Payments other than wages or salaries - other benefits






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






5. People are lazy






6. A short - specific written statement of the reason a business exists and what it wants to achieve.






7. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






8. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






10. Process of converting government enterprises into privately owned companies






11. Beliefs about what is right or wrong and good or bad in actions that affect others






12. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






13. This level of management includes department heads and district sales managers.






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






15. An increase in liabilities






16. Ratio between net income after taxes and net sales; also known as profit margin






17. Continually adjusting prices to reflect changes in supply and demand






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






19. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






20. Pricing selling one product at a loss as a way to entice customers to consider other products






21. Senior company managers who serve on the company's board of directors are known as ____.






22. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






23. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






24. People are internally motivated






25. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






26. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






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






28. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






29. Customer value added by making a product available in a convenient location






30. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






31. The amount of money charged for a product or service






32. Selling one product at a loss as a way to entice customers to consider other products






33. Product development stage in which a product is sold on a limited basis - a trial introduction






34. Method of calculating the minimum volume of sales needed at a given price to cover all costs






35. Characteristic of centralized companies with multiple layers of management






36. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






37. Claims against a firm's assets by creditors - such as banks and suppliers






38. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






39. Small software programs that provide part of the functionality of a website






40. Offering a temporary reduction in price






41. The four key elements of marketing strategy: product - price - distribution - and promotion






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






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






44. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






45. Informal work groups can affect ____.






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






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






48. Location






49. Cost of producing or acquiring a company's products for sale during a given period






50. 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