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






2. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






3. Transferring work to another country






4. Study of statistical characteristics of a population






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






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






7. 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.






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






9. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






10. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






12. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






13. Charging a high price for a new product during the introductory stage and lowering the price later






14. Product made or grown abroad but sold domestically






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






16. Unwelcome sexual advances in the workplace






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






18. Physical products purchased by companies to produce other products






19. 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






20. When a task is too time consuming for a manager to handle alone - he or she may ____.






21. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






22. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






23. Promotional campaigns that send information only to those people who've specifically asked to receive it






24. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






25. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






26. Intermediary who sells products to other businesses for resale to final consumers






27. 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






28. A measure of the sensitivity of demand to changes in price






29. Electronic media that invite participation by the general public






30. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






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






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






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






35. Strategy in which two or more organizations collaborate on a project for mutual gain






36. Offering a temporary reduction in price






37. The degree to which customers continue to purchase a specific brand






38. Form of a corporation spanning national boundaries






39. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






40. The ability to carry out a task






41. Changing jobs or tasks from time to time






42. A Theory Y manager is most likely to ____.






43. An increase in liabilities






44. Formal agreement to set prices. Sometimes illegal - but is typically secretive






45. The creation and sharing of product-related information among customers and potential customers






46. Product made or grown domestically but sold abroad






47. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






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






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