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. Current assets minus current liabilities






2. Form - time - place - possession






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






4. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






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






6. A document - generally issued by a state government - giving permission to start a corporation






7. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






8. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






9. The value that a company has built up in a brand






10. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






11. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






12. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






13. Goal set for an extended time - typically 5 years or more in the future






14. Obligations that must be next within a year






15. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






17. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






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






19. 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






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






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






22. Small software programs that provide part of the functionality of a website






23. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






24. The combined use of tactical and strategic management






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






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






27. The way a manager teats and directs employees






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






29. Making decisions without consulting anyone






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






31. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






32. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






33. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






34. Confusion results if a person reports to two people at once - according to ____.






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






36. Process by which the world is becoming a single interdependent system






37. profitability - liquidity - activities - and leverage/debt






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






39. Transferring work to another country






40. Creating a flatter organization structure normally cutting out middle management






41. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






42. Brand awareness - brand preference - brand insistence






43. Ratios that measure the effectiveness of the firm's use of its resources






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






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






46. A business firm that does things for you instead of making or makerting products






47. Effective acquisition and use of money






48. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






49. Product - price - distribution - customer communication

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50. 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