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






2. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






3. Demographics - psychographics - and geographics






4. Compensation other than wages and salaries






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






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






7. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






8. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






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. Exchange of value between parties






11. Form of a corporation spanning national boundaries






12. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






14. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






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






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






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






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






19. Personal communication between a seller and one or more potential buyers






20. 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






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






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






23. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






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






26. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






27. Takes the extractor's products or raw materials and changs the into a form that consumers can use






28. Brands owned by the manufacturers and distributed nationally






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






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






31. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






33. Partner who actively manages a firm and who has unlimited liability for its debts






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






35. Media: news release; audience: broad - intensity: passive - active; purpose: inform






36. Process of scanning the business environment for threats and opportunities






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






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






39. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






40. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






41. Certificates that offer discounts on particular items and are redeemed at the time of purchase






42. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






43. Characteristic of centralized companies with multiple layers of management






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






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






46. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






47. Diagram depicting a company's structure and showing employees where they fit into its operations






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






49. The movement of an economy from one condition to another and back again






50. People are lazy