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






2. Strategic alliance in which the collaboration involves joint ownership of the new venture






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

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


4. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






5. Transferring work to another country






6. Discount offered by producers to wholesalers and retailers






7. An increase in liabilities






8. Bar codes on product packages that provide information read by optical scanners






9. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






10. Delegating more power to employees






11. Specific customer groups or segments to whom a company wants to sell a particular product






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






13. The way you live as measure by the kinds and quality of goods and services you can afford






14. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






15. Brands owned by the manufacturers and distributed nationally






16. Owner of shares of stock in a corporation






17. 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.






18. Cost of goods sold = beginning inventory + net purchases - ending inventory






19. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






20. The level of joblessness among people actively seeking work in an economic system






21. Organization's methods for dealing with emergencies






22. Objective that a business hopes and plans to achieve






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






24. 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






25. 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






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






27. Inexpensive good or service purchased and consumed rapidly and regularly






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






29. Sales volume at a given price that will cover all of a company's costs






30. Beliefs about what is right or wrong and good or bad in actions that affect others






31. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






32. 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






33. Sales promotion aimed at final consumers






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






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






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






37. Product - price - distribution - customer communication

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


38. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






40. A group of customer who need or want a particular product and have the money to buy it






41. Free or bargain-priced items offered to encourage customers to buy a product






42. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






43. Costs created in the process of generating revenues






44. 12 month accounting period that begins on January 1 and ends on December 31






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






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






47. Advertising sent directly to potential customers - usually through the mail






48. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






50. Provides protection for the product - makes products easier to display - and attracts attention