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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. Characteristic of decentralized companies with relatively few layers of management






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






3. In bookkeeping - an increase in assets






4. Managers who develop and implement a complete strategy and marketing program for specific products or brands






5. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






6. Owner of shares of stock in a corporation






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






8. Something produced by the intellect or mind that has commercial value






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






10. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






12. Markets focus on increasing the product's market share






13. Large-scale production and distribution of a product






14. Body of decisions handed down by courts ruling on individual cases






15. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






17. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






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






20. The act of transferring net revenue and expense account balances to retained earnings for the period






21. Loss of brand identity and the cannibalization of sales of other products in the product line






22. The degree to which customers continue to purchase a specific brand






23. Rewarded for good performance; something the employee likes is praised






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






25. The level of joblessness among people actively seeking work in an economic system






26. Assets - liabilities = owner's equity

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27. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






28. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






29. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






30. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






31. Amounts that are currently due to a company






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






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






34. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






35. Management process of determining what an organization needs to do and how best to get it done






36. Good or service used as the basis of commerce






37. Money paid to acquire something of permanent value in a business






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






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






40. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






41. External statistical descriptors such as age - income - gender - and profession






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






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






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






45. Making decisions without consulting anyone






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






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






48. Being accountable or being able to justify an action






49. Physical products purchased by consumers for personal use






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







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Can you answer 50 questions in 15 minutes?


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