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. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






2. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






3. Expensive - rarely purchased good or service






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






5. Assets = liabilities + owner's equity






6. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






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






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






10. Acquiring funds through borrowing






11. ____ 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






12. 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






13. 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






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






15. Power to make the decisions necessary to complete a task






16. A sustained increase in the general level of prices






17. An extra amount of time granted to a party to make a payment






18. Portion of a brand that cannot be expressed verbally






19. Form of nonstore retailing in which the telephone is used to sell directly to consumers






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






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






22. Economy in which individuals control production and allocation decisions through supply and demand






23. Promotional campaigns that send information only to those people who've specifically asked to receive it






24. Intermediary who sells products directly to consumers






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






26. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






27. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






28. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






29. Identification and marketing of a social issues - cause - or idea to selected target markets






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. Effective acquisition and use of money






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






33. Informal communication between customers and potential customers






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






35. Managers who develop and implement a complete strategy and marketing program for specific products or brands






36. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






37. Positive reinforcement - negative reinforcement - punishment






38. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






39. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


40. 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






41. Selling one product at a loss as a way to entice customers to consider other products






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






43. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






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






48. Using relative information to predict how many jobs will be needed






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






50. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties