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. Characteristic of decentralized companies with relatively few layers of management






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






3. Activities producing tangible products such as radios - newspapers - buses and textbooks






4. Industry in which one company can most efficiently supply all needed goods or services






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






6. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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






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






9. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






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






12. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






13. The ability to carry out a task






14. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






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






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






18. Process of dealing with employees who are represented by a union






19. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






20. Portion of a brand that cannot be expressed verbally






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






22. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






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






25. Planned economic system in which the government owns and operates only selected major sources of production






26. Senior company managers who serve on the company's board of directors are known as ____.






27. Payments other than wages or salaries - other benefits






28. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






29. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






30. Obligations that must be next within a year






31. Loss of brand identity and the cannibalization of sales of other products in the product line






32. Results from the leader's ability to give or withhold rewards






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






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






35. Transferring work to another country






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






37. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






39. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






40. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






42. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






43. The creation and sharing of product-related information among customers and potential customers






44. Unwelcome sexual advances in the workplace






45. Mix of people in organizations in terms of essential/demographic status






46. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






47. Selling or supporting the sales process over the telephone






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






49. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






50. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer