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






2. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






3. 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






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






5. Act of obtaining a desired object or services from another party by offering something of value in return






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






7. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






9. Objective that a business hopes and plans to achieve






10. Customer value created by converting raw materials and other inputs into finished goods and services






11. Codified rules of behavior enforced by society






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






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






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






15. Where products are conveniently placed for customers






16. Independent and well informed buyers and sellers of the exact same product (farmers markets)






17. The price of your nation's currency is in terms of another nation's currency






18. 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






19. An extra amount of time granted to a party to make a payment






20. Inexpensive good or service purchased and consumed rapidly and regularly






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






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. Motivator and hygiene factors need to be met to prevent dissatisfaction

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24. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






25. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






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






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






28. Positive reinforcement - negative reinforcement - punishment






29. Acquiring funds through borrowing






30. Group of small investors who invest money in companies with rapid growth potential






31. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






33. Demographics - psychographics - and geographics






34. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






35. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






36. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






37. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






38. The union of two corporations to form a new corporation






39. The movement of an economy from one condition to another and back again






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






41. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






42. When organizations change raw materials into finished goods






43. Occurs when two companies form one corporation






44. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






45. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






46. Characteristic of decentralized companies with relatively few layers of management






47. Study of statistical characteristics of a population






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






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






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