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






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






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






4. Discount offered by producers to wholesalers and retailers






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






6. Amounts that are currently due to a company






7. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






8. Arises when group members recognize that the leader has special expertise in the area






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






10. Small groups in the same work area that have scheduled meetings about problems and how to fix them






11. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






12. Informal work groups can affect ____.






13. 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






14. Any 12 consecutive months used as an accounting period






15. Offering a temporary reduction in price






16. Characteristic of centralized companies with multiple layers of management






17. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






18. Physical products purchased by companies to produce other products






19. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






20. Compensation other than wages and salaries






21. Demographics - psychographics - and geographics






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






23. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






25. Portion of a brand that can be expressed orally - including letters - words - or numbers






26. Owner of shares of stock in a corporation






27. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






29. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






30. Sales promotion aimed at final consumers






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






32. Somethings needed by a community and provided by its government






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






34. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






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






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






38. Process by which the world is becoming a single interdependent system






39. An increase in liabilities






40. Delegating more power to employees






41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






42. Organization's methods for dealing with emergencies






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






44. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






46. 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






47. Intermediary who sells products directly to consumers






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






49. Charging a high price for a new product during the introductory stage and lowering the price later






50. Top management team of a corporation