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






2. All the operating expenses associated with marketing goods or services






3. Law made by the authority of administrative agencies






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






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






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






7. Informal work groups can affect ____.






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






9. Introducing a new product at a low price in hopes of building sales volume quickly






10. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






11. Management process of monotoring an organization's performance to ensure that it is meeting its goals






12. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






13. When organizations change raw materials into finished goods






14. Use a brand name on a variety of related products






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






16. Ratio between net income after taxes and total owners' equity; also known as return on equity






17. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






18. Products characterized by a plain label - with no advertising and no brand name






19. Compensation other than wages and salaries






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






21. Ratios that measure a firm's reliance on debt financing of its operations






22. Customer value created when someone takes ownership of a product






23. The willingness and ability of buyers to purchase a good or service






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






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






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






27. Process of dealing with employees who are represented by a union






28. Strategic alliance in which the collaboration involves joint ownership of the new venture






29. Business costs that increase with the number of units produced






30. Vying among businesses for the same resources or customers






31. A firm's portion of the total sales in a market






32. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






33. Effective acquisition and use of money






34. The way a manager teats and directs employees






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






36. Formal agreement to set prices. Sometimes illegal - but is typically secretive






37. The value that a company has built up in a brand






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






39. Assets - liabilities = owner's equity

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40. A period during which aggregate output - as measured by GDP - declines






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






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






43. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






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






46. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






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






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






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






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