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






2. Ratios that measure the effectiveness of the firm's use of its resources






3. Obligations that must be next within a year






4. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






6. Activities producing intangible and tangible products - such as entertainment - transportation - and education






7. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






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






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






11. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






12. Activities needed to move a product efficiently from manufacturer to consumer






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






14. Process of converting government enterprises into privately owned companies






15. Choosing one alternative from among several options






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






17. Statement of a firm's financial position on a particular date; also known as a statement of financial position






18. Portion of a brand that cannot be expressed verbally






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






20. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






21. Introducing a new product at a low price in hopes of building sales volume quickly






22. 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






23. Management process of determining what an organization needs to do and how best to get it done






24. 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






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






26. Creating a flatter organization structure normally cutting out middle management






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






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






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






30. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






31. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






32. 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.






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






34. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






35. A group of customer who need or want a particular product and have the money to buy it






36. Compensation other than wages and salaries






37. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






39. Complete list of all products that a company offers for sale






40. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






41. Managers and workers cooperating as a team






42. Product made or grown abroad but sold domestically






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






44. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






45. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






46. ____ 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






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






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






49. Markets focus on increasing the product's market share






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