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






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






3. Customer value added by making a product available in a convenient location






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






5. 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






6. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






7. Mechanism for exchange between buyers and sellers of a particular good or service






8. When organizations change raw materials into finished goods






9. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






10. Introductory stage - growth stage - maturity stage - decline stage






11. Market or industry characterized by numerous small firms producing an identical product






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






13. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






14. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






15. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






16. Assets = liabilities + owner's equity






17. Lots of leeway to workers to meet goals






18. Senior company managers who serve on the company's board of directors are known as ____.






19. 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






20. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






21. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






22. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






24. Portion of a brand that can be expressed orally - including letters - words - or numbers






25. The price of your nation's currency is in terms of another nation's currency






26. Marketers focus on stimulating demand for the new product






27. The action of ensuring that operations produce products that meet specific quality standards






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






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






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






31. Unwelcome sexual advances in the workplace






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






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






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






35. A large number of identical products are assembled using a continuous - efficient procedure






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






37. Authority granted to committees or teams involved in a firm's daily operations






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






39. Manager responsible for implementing the strategies and working toward the goals set by top managers






40. The ability to get others to accoplish tasks because of the position the leader holds






41. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






42. A leadership style where the manager is directive and controlling






43. Transferring work to another country






44. An increase in liabilities






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






46. Owner of shares of stock in a corporation






47. Difference of revenues - costs - and profit from the planned amounts.






48. The purchase of one company by another






49. 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






50. Ratio between net income after taxes and net sales; also known as profit margin