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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






2. 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






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






4. An action is morally correct - when - among the people it affects...






5. Unwelcome sexual advances in the workplace






6. The collection and analysis of information for making marketing decisions






7. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






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






10. Assets - liabilities = owner's equity

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11. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






12. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






14. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






15. Confusion results if a person reports to two people at once - according to ____.






16. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






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






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






20. Introductory stage - growth stage - maturity stage - decline stage






21. Postsales reductions in price - must be applied for by the purchaser






22. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






23. Product that is dissimilar from those of competitors but than can fulfill the same need






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






25. Selling method in which the price is set by customers bidding against each other






26. 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






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






28. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






29. Good or service used as the basis of commerce






30. Offering a temporary reduction in price






31. Acquiring funds through borrowing






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






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






34. Sales promotion aimed at final consumers






35. Media: news release; audience: broad - intensity: passive - active; purpose: inform






36. The quantity of a good that an average worker can produce in an hour






37. Vying among businesses for the same resources or customers






38. Online ads that are linked to search engine results or website content






39. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






40. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






41. An increase in liabilities






42. A forecast of financial requirements and the financing sources to be used






43. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






45. Advertising sent directly to potential customers - usually through the mail






46. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






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






49. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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