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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. Claims against a firm's assets by creditors - such as banks and suppliers






2. Partnership between two or more companies to closely link their brand names together for a single product






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






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






5. Customer value added by making a product available at a convenient time






6. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






8. Sales promotion aimed at final consumers






9. Market or industry in which there is only one producer that can therefore set the prices on all of its products






10. Process through which a manager allocates work to subordinates






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






12. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






13. 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






14. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






16. Intermediary who sells products directly to consumers






17. 12 month accounting period that begins on January 1 and ends on December 31






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






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






20. People are lazy






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






22. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






24. Act of obtaining a desired object or services from another party by offering something of value in return






25. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






27. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






29. Transferring work to another country






30. 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.






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






32. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






34. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






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






36. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






37. Law made by the authority of administrative agencies






38. Location






39. 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






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






41. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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42. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






43. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






44. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






45. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






46. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






47. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






48. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






49. 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






50. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services







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