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. A series of related products offered by a firm






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






3. Law made by the authority of administrative agencies






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






5. Skills in defining problems and selecting the best courses of action






6. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






8. Demographics - psychographics - and geographics






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






10. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






11. Provides protection for the product - makes products easier to display - and attracts attention






12. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






13. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






14. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






15. Top management team of a corporation






16. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






17. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






19. Sales volume at a given price that will cover all of a company's costs






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






21. Using relative information to predict how many jobs will be needed






22. Marketers focus on stimulating demand for the new product






23. A document - generally issued by a state government - giving permission to start a corporation






24. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






26. A leadership style where managers are less directive and involved employees in decision making






27. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






29. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






30. 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






31. An increase in liabilities






32. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






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






34. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






35. Codified rules of behavior enforced by society






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






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






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






39. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






40. Court-granted permission for a company to not pay some or all debts






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






42. Manager responsible for supervising the work of employees






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






44. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






45. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






47. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






48. Free or bargain-priced items offered to encourage customers to buy a product






49. Ethical or unethical behaviors by employees in the context of their jobs






50. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)