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. Form of nonstore retailing in which the telephone is used to sell directly to consumers






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






3. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






4. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






6. Process through which a manager allocates work to subordinates






7. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






8. Strategic alliance in which the collaboration involves joint ownership of the new venture






9. Transferring work to another country






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






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






12. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






13. Marketers focus on stimulating demand for the new product






14. Direct communication other than personal sales contacts designed to effect a measurable response






15. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






16. Ratios that measure a firm's reliance on debt financing of its operations






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






18. Owner of shares of stock in a corporation






19. Customer value added by making a product available in a convenient location






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






21. Categorization of customers according to their geographical location






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






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






24. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






25. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






26. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






28. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






30. The price of your nation's currency is in terms of another nation's currency






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






32. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






34. Corporation whose stock is held by only a few people and is not available for sale to the general public






35. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






36. Results from the leader's ability to give or withhold rewards






37. Good or service used as the basis of commerce






38. Specification of the jobs to be done within an organization and the ways in which they relate to one another






39. Exchange of value between parties






40. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






41. Nonsales communication that businesses have with their various audiences






42. People are lazy






43. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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44. Electronic media that invite participation by the general public






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






46. Product that is dissimilar from those of competitors but than can fulfill the same need






47. Complete list of all products that a company offers for sale






48. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






50. 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