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. Selling or supporting the sales process over the telephone






2. The four key elements of marketing strategy: product - price - distribution - and promotion






3. Business costs that remain constant regardless of the number of units produced






4. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






5. Discount offered by producers to wholesalers and retailers






6. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






7. Management process of guiding and motivating employees to meet an organization's objectives






8. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






9. A detailed series of related steps or tasks written to implement a policy is called a ____.






10. Assets = liabilities + owner's equity






11. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






12. Characteristic of centralized companies with multiple layers of management






13. Compensation other than wages and salaries






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






15. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






17. 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






18. Somethings needed by a community and provided by its government






19. A forecast of financial requirements and the financing sources to be used






20. Using relative information to predict how many jobs will be needed






21. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






22. Informal communication between customers and potential customers






23. Product development stage in which a product is sold on a limited basis - a trial introduction






24. Customer value created when someone takes ownership of a product






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






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






27. Marketing efforts to attract people and organizations to a particular geographical area






28. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






30. A business that is involvec with moving goods from producers to consumers






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






32. People are internally motivated






33. Economy in which individuals control production and allocation decisions through supply and demand






34. Cost of producing or acquiring a company's products for sale during a given period






35. Systems for moving goods and services from producers to customers; also known as marketing channels






36. 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






37. Physical products purchased by consumers for personal use






38. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






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






41. 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






42. Manager responsible for supervising the work of employees






43. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






44. Top manager who is responsible for the overall performance of a corporation






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






46. Electronic media that invite participation by the general public






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






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






49. Delegating more power to employees






50. Demographics - psychographics - and geographics