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






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






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






4. Legal principal holding owners responsible for paying off all debts of a business






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






6. Making a product available at a convenient time






7. 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.






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






9. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






10. Being accountable or being able to justify an action






11. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






12. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






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






14. 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






15. Applying a successful brand name to a new product category






16. Objective that a business hopes and plans to achieve






17. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






18. Court-granted permission for a company to not pay some or all debts






19. A business that grows products or takes raw material from nature






20. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






22. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






23. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






25. A short - specific written statement of the reason a business exists and what it wants to achieve.






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






27. Arises when group members recognize that the leader has special expertise in the area






28. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






29. Offering several products for a single price that is presumably lower than the total of the products' individual prices






30. Agreement to produce and market another company's product in exchange for a royalty or fee






31. Nonsales communication that businesses have with their various audiences






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






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






34. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






35. Selling method in which the price is set by customers bidding against each other






36. Making decisions without consulting anyone






37. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






39. Results from the leader's ability to give or withhold rewards






40. 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






41. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






43. Cash and items that can be turned into cash within one year






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






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






46. A measure of the sensitivity of demand to changes in price






47. Form of a corporation spanning national boundaries






48. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






49. Money paid to acquire something of permanent value in a business






50. 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