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. Process through which a manager allocates work to subordinates






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






3. 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






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






5. The price of your nation's currency is in terms of another nation's currency






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






7. Individuals or households that buy goods and services for personal use






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






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






10. Choosing one alternative from among several options






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






12. Selling or supporting the sales process over the telephone






13. Selling method in which the price is set by customers bidding against each other






14. Process of converting government enterprises into privately owned companies






15. People are internally motivated






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






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






18. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






20. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






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






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






23. Exchange of value between parties






24. The four key elements of marketing strategy: product - price - distribution - and promotion






25. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






26. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






27. Unwelcome sexual advances in the workplace






28. Physical products purchased by companies to produce other products






29. Expensive - rarely purchased good or service






30. 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






31. 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






32. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






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






35. Manager responsible for supervising the work of employees






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






37. Categorization of customers according to their geographical location






38. Costs created in the process of generating revenues






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






40. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






41. Management process of guiding and motivating employees to meet an organization's objectives






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






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






44. Market or industry characterized by numerous small firms producing an identical product






45. Media: news release; audience: broad - intensity: passive - active; purpose: inform






46. The company founder is no longer solely responsible for all decision making during the ____.






47. A period during which aggregate output - as measured by GDP - declines






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






49. Product made or grown domestically but sold abroad






50. Pricing selling one product at a loss as a way to entice customers to consider other products