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






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






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






4. Marketers focus on stimulating demand for the new product






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






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






7. Illegal practice of using special knowledge about a firm for profit or gain






8. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






9. Acquiring funds by selling shares of a company's stock






10. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






11. The company founder is no longer solely responsible for all decision making during the ____.






12. Characteristic of centralized companies with multiple layers of management






13. A series of related products offered by a firm






14. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






15. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






17. A period during which aggregate output - as measured by GDP - declines






18. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






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






21. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






22. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






23. 12 month accounting period that begins on January 1 and ends on December 31






24. Location






25. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






26. Unwelcome sexual advances in the workplace






27. Organization for economic - social - and security cooperation among European nations






28. Products characterized by a plain label - with no advertising and no brand name






29. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






31. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






33. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






34. 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.






35. Sales promotion aimed at final consumers






36. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






38. Introductory stage - growth stage - maturity stage - decline stage






39. Advertising designed to encourage customers to try new products or to switch brands






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






41. Organization in which most decision-making authority is held by upper-level management






42. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






43. Owner of shares of stock in a corporation






44. Choosing one alternative from among several options






45. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






46. Discount offered by producers to wholesalers and retailers






47. Assets = liabilities + owner's equity






48. Online ads that are linked to search engine results or website content






49. In bookkeeping - an increase in assets






50. Manager responsible for supervising the work of employees