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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. Strategy whereby a firm sells one or more of its business units






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






3. Any 12 consecutive months used as an accounting period






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






5. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






6. 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






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






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






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






10. Illegal practice of using special knowledge about a firm for profit or gain






11. Personal communication between a seller and one or more potential buyers






12. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






13. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






14. 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






15. Electronic media that invite participation by the general public






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






17. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






18. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






19. Occurs when widespread price increases occur throughout an economic system






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






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






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






23. Identification and marketing of a social issues - cause - or idea to selected target markets






24. Study of statistical characteristics of a population






25. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






26. People are lazy






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






28. Systems for moving goods and services from producers to customers; also known as marketing channels






29. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






31. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






33. profitability - liquidity - activities - and leverage/debt






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






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






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






37. Complete list of all products that a company offers for sale






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

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39. A prolonged and deep recession






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






41. Positive reinforcement - negative reinforcement - punishment






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






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






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






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






46. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






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






48. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






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







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