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. Illegal practice of using special knowledge about a firm for profit or gain






2. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






3. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






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






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






7. Partnership between two or more companies to closely link their brand names together for a single product






8. Identification and marketing of a social issues - cause - or idea to selected target markets






9. Small software programs that provide part of the functionality of a website






10. Lots of leeway to workers to meet goals






11. Choosing one alternative from among several options






12. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






15. Systems for moving goods and services from producers to customers; also known as marketing channels






16. Top management team of a corporation






17. The willingness and ability of producers to offer a good or service for sale






18. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






19. In a ____ authority originates at the top and moves downward in a line.






20. Goal set for an extended time - typically 5 years or more in the future






21. Goal set for the very near future






22. Organization's methods for dealing with emergencies






23. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






25. Organization in which most decision-making authority is held by upper-level management






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






27. This law guards against false advertising.






28. Free or bargain-priced items offered to encourage customers to buy a product






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






30. Measures income earned on owners' investment - formula: Net income/total owners' equity






31. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






32. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






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






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






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






36. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






38. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






40. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






43. 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






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






45. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






46. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






47. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






48. The way a manager teats and directs employees






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






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