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 activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






2. Assets = liabilities + owner's equity






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






4. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






5. A business that grows products or takes raw material from nature






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






7. Brands that have been given legal protection so that their owners have exclusive rights to their use






8. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






9. Costs created in the process of generating revenues






10. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






12. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






13. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






14. Form - time - place - possession






15. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






16. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






17. Partner who actively manages a firm and who has unlimited liability for its debts






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






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






20. Physical products purchased by consumers for personal use






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






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






23. A sustained increase in the general level of prices






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






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






26. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






28. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






29. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






31. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






33. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






35. Compensation other than wages and salaries






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






37. Lots of leeway to workers to meet goals






38. Informal communication between customers and potential customers






39. Management process of guiding and motivating employees to meet an organization's objectives






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






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






42. Organization in which most decision-making authority is held by upper-level management






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






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






45. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






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






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






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






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