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. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






3. Form of nonstore retailing in which the telephone is used to sell directly to consumers






4. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






5. Process through which a manager allocates work to subordinates






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






7. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






8. Business costs that remain constant regardless of the number of units produced






9. Being accountable or being able to justify an action






10. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






11. The state of being certain that adverse effects will not be caused by some agent under defined conditions






12. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






14. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






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






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






18. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






20. Informal work groups can affect ____.






21. The process of comparing an organization's products or services and processes with those of another companies






22. 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






23. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






24. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






25. Changing jobs or tasks from time to time






26. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






27. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






28. Discount offered by producers to wholesalers and retailers






29. Form - time - place - possession






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






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






32. Obligation employees have to their manager for the successful completion of an assigned task






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






34. The act of transferring net revenue and expense account balances to retained earnings for the period






35. Product - price - distribution - customer communication


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






37. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






38. Alternative plans to be implemented if uncontrollable event occur






39. Mechanism for exchange between buyers and sellers of a particular good or service






40. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






42. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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






44. Organization for economic - social - and security cooperation among European nations






45. Customer value created by converting raw materials and other inputs into finished goods and services






46. Process for evaluating proposed investments in select projects that provide the best long-term financial return






47. Characteristic of decentralized companies with relatively few layers of management






48. Inexpensive good or service purchased and consumed rapidly and regularly






49. Good or service used as the basis of commerce






50. Managers who develop and implement a complete strategy and marketing program for specific products or brands