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. Diagram depicting a company's structure and showing employees where they fit into its operations






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






3. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






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






5. A business firm that does things for you instead of making or makerting products






6. Continually adjusting prices to reflect changes in supply and demand






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






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






9. Product development stage in which a product is sold on a limited basis - a trial introduction






10. Rewarded for good performance; something the employee likes is praised






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






12. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






13. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






14. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






15. Confusion results if a person reports to two people at once - according to ____.






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






17. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






18. Legal principal holding owners responsible for paying off all debts of a business






19. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






20. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






22. Economy in which individuals control production and allocation decisions through supply and demand






23. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






24. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






26. Study of statistical characteristics of a population






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






28. A sustained increase in the general level of prices






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






30. Applying a successful brand name to a new product category






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






32. Expensive - rarely purchased good or service






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






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






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






36. Cash and items that can be turned into cash within one year






37. The amount of money charged for a product or service






38. 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






39. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






42. 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






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






44. Provides protection for the product - makes products easier to display - and attracts attention






45. Brands owned by the manufacturers and distributed nationally






46. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






47. 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






48. Nonsales communication that businesses have with their various audiences






49. A forecast of financial requirements and the financing sources to be used






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