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






2. Where products are conveniently placed for customers






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






4. The willingness and ability of buyers to purchase a good or service






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






6. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






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






9. Ratio between net income after taxes and net sales; also known as profit margin






10. Codified rules of behavior enforced by society






11. This level of management includes department heads and district sales managers.






12. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






13. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






14. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






16. Type of partnership consisting of limited partners and a general (or active) partner






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






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






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






20. Changes the form of material so they can be consumed or used to manufacture other products






21. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






23. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






24. Corporation whose stock is widely held and available for sale to the general public






25. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






26. 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






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






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






29. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






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






32. Power of a good or services to satisfy a human need






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






34. An action is morally correct - when - among the people it affects...






35. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






36. Managers who develop and implement a complete strategy and marketing program for specific products or brands






37. Making decisions without consulting anyone






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






39. Categorization of customers according to their geographical location






40. Offering a temporary reduction in price






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






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






43. 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






44. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






46. 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






47. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






48. Current assets minus current liabilities






49. Cost of goods sold = beginning inventory + net purchases - ending inventory






50. 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