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






2. 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






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






4. Large-scale production and distribution of a product






5. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






6. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






8. Use a brand name on a variety of related products






9. profitability - liquidity - activities - and leverage/debt






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






11. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






12. Form - time - place - possession






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






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






15. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






16. Codified rules of behavior enforced by society






17. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






18. People are lazy






19. Strategic alliance in which the collaboration involves joint ownership of the new venture






20. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






21. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






22. Physical products purchased by companies to produce other products






23. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






24. Changes the form of material so they can be consumed or used to manufacture other products






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






26. Internal descriptors such as attitudes - interests - values - behaviors - and habits






27. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






28. Customer value created when someone takes ownership of a product






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






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






31. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






32. 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






33. Marketing efforts to attract people and organizations to a particular geographical area






34. Process of scanning the business environment for threats and opportunities






35. Product made or grown domestically but sold abroad






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






37. Informal communication between customers and potential customers






38. 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.






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






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






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






42. Effective acquisition and use of money






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






44. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






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






47. Group of small investors who invest money in companies with rapid growth potential






48. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






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






50. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers