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. Product development stage in which a product is sold on a limited basis - a trial introduction






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






3. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






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






6. Law created by consistitution(s) or by federal - state - or local legislative acts






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






8. Corporation whose stock is held by only a few people and is not available for sale to the general public






9. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






10. Organization's methods for dealing with emergencies






11. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






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






13. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






14. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






16. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






18. Diagram depicting a company's structure and showing employees where they fit into its operations






19. Marketing efforts to attract people and organizations to a particular geographical area






20. Electronic media that invite participation by the general public






21. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






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






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






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






26. Advertising intended to remind existing customers of a product's availability and benefits






27. One seller of a product - denies people competition and is against the law (They can typically raise prices)






28. Stocks - bonds - and other investments that can be turned into cash quickly






29. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






30. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






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






33. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






35. When a task is too time consuming for a manager to handle alone - he or she may ____.






36. The action of ensuring that operations produce products that meet specific quality standards






37. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






38. People are lazy






39. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






40. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






41. Manager responsible for supervising the work of employees






42. Form of a corporation spanning national boundaries






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






44. Objective that a business hopes and plans to achieve






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






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






47. Amounts that are currently due to a company






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






49. A business firm that does things for you instead of making or makerting products






50. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique