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. Break-even point = fixed costs/ (selling price - variable costs per unit)






2. Effective acquisition and use of money






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






4. Changes the form of material so they can be consumed or used to manufacture other products






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






6. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






7. Offering a temporary reduction in price






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






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






10. Assets = liabilities + owner's equity






11. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






12. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






13. Customer value added by making a product available in a convenient location






14. A Theory Y manager is most likely to ____.






15. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






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






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






19. Being accountable or being able to justify an action






20. An action is morally correct - when - among the people it affects...






21. Manager responsible for supervising the work of employees






22. Managers and workers cooperating as a team






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






24. 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






25. Physical products purchased by companies to produce other products






26. Postsales reductions in price - must be applied for by the purchaser






27. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






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






30. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






32. Owner of shares of stock in a corporation






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






34. Selling or supporting the sales process over the telephone






35. Good or service used as the basis of commerce






36. Categorization of customers according to their relationship with products or response to product characteristics






37. Acquiring funds through borrowing






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






39. Reporting relationships within a company






40. Introductory stage - growth stage - maturity stage - decline stage






41. Direct communication other than personal sales contacts designed to effect a measurable response






42. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






44. Market or industry characterized by numerous small firms producing an identical product






45. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






46. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






47. A business that is involvec with moving goods from producers to consumers






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






49. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






50. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade