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






2. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






4. External statistical descriptors such as age - income - gender - and profession






5. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






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






8. Skills in defining problems and selecting the best courses of action






9. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






10. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






12. Portion of a brand that cannot be expressed verbally






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






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






15. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






16. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






17. A business firm that does things for you instead of making or makerting products






18. The ability to carry out a task






19. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






20. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






22. The creation and sharing of product-related information among customers and potential customers






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






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






25. Discount offered by producers to wholesalers and retailers






26. Formal agreement to set prices. Sometimes illegal - but is typically secretive






27. Characteristic of decentralized companies with relatively few layers of management






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






29. Vying among businesses for the same resources or customers






30. Categorization of customers according to their geographical location






31. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






32. Body of decisions handed down by courts ruling on individual cases






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






34. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






36. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






38. In bookkeeping - an increase in assets






39. Industry in which one company can most efficiently supply all needed goods or services






40. Marketers focus on stimulating demand for the new product






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






42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






45. A series of related products offered by a firm






46. Any 12 consecutive months used as an accounting period






47. The quantity of a good that an average worker can produce in an hour






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






49. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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