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






2. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






3. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






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






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






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






8. Discount offered by producers to wholesalers and retailers






9. Strategy whereby a firm sells one or more of its business units






10. A business that grows products or takes raw material from nature






11. An extra amount of time granted to a party to make a payment






12. In a ____ authority originates at the top and moves downward in a line.






13. Being accountable or being able to justify an action






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






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






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






17. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






19. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






20. The way a manager teats and directs employees






21. Activities producing intangible and tangible products - such as entertainment - transportation - and education






22. People are lazy






23. The quantity of a good that an average worker can produce in an hour






24. Mechanism for exchange between buyers and sellers of a particular good or service






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






26. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






27. Internal descriptors such as attitudes - interests - values - behaviors - and habits






28. Manager responsible for a firm's overall performance and effectiveness






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






30. An increase in liabilities






31. 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






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






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






34. A short - specific written statement of the reason a business exists and what it wants to achieve.






35. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






36. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






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






39. 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






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






41. 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






42. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






43. Something that the employee dislikes is taken away






44. Use a brand name on a variety of related products






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






46. In bookkeeping - an increase in assets






47. Assets = liabilities + owner's equity






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






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






50. The combined use of tactical and strategic management