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. Good or service used as the basis of commerce






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






3. Personal communication between a seller and one or more potential buyers






4. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






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






7. Codified rules of behavior enforced by society






8. Something produced by the intellect or mind that has commercial value






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






10. Online ads that are linked to search engine results or website content






11. Marketers focus on stimulating demand for the new product






12. Stems from personal trust and respect members have for the leader






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






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






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






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






17. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






18. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






19. Brands owned by the manufacturers and distributed nationally






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






21. A business that is involvec with moving goods from producers to consumers






22. Exchange of value between parties






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






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






25. 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






26. Business costs that remain constant regardless of the number of units produced






27. The purchase of one company by another






28. Intermediary who sells products directly to consumers






29. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






30. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






31. All costs of operation that are not included under cost of goods sold






32. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






33. Advertising designed to encourage customers to try new products or to switch brands






34. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






35. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






37. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






38. This level of management includes department heads and district sales managers.






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






40. Building a specific and unique product to meet the needs of one consumer






41. In bookkeeping - an increase in assets






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






43. Managers and workers cooperating as a team






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






45. 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






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






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






48. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






49. Business owned and usually operated by one person who is responsible for all its debts






50. Method of calculating the minimum volume of sales needed at a given price to cover all costs