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. Business costs that increase with the number of units produced






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






3. Managers and workers cooperating as a team






4. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






5. Demographics - psychographics - and geographics






6. Process of converting government enterprises into privately owned companies






7. Costs created in the process of generating revenues






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






9. Exchange of value between parties






10. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






12. Objective that a business hopes and plans to achieve






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






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






15. Manager responsible for a firm's overall performance and effectiveness






16. Physical products purchased by consumers for personal use






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






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






19. 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






20. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






21. Electronic media that invite participation by the general public






22. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






23. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






24. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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






27. Advertising intended to remind existing customers of a product's availability and benefits






28. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






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






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






31. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






32. The amount of money charged for a product or service






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






34. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






35. Making decisions without consulting anyone






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






37. Customer value added by making a product available at a convenient time






38. Something that the employee dislikes is taken away






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






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






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






42. Informal work groups can affect ____.






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






44. 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






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






46. Activities producing intangible and tangible products - such as entertainment - transportation - and education






47. 12 month accounting period that begins on January 1 and ends on December 31






48. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






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