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






2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






4. 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






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






6. Business costs that increase with the number of units produced






7. 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






8. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






9. 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






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






11. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






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






14. Industry in which one company can most efficiently supply all needed goods or services






15. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






16. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






17. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






18. Management process of monotoring an organization's performance to ensure that it is meeting its goals






19. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






20. Managers and workers cooperating as a team






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






22. The way a manager teats and directs employees






23. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






24. 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






25. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






26. Choosing one alternative from among several options






27. Senior company managers who serve on the company's board of directors are known as ____.






28. Changing jobs or tasks from time to time






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






30. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






31. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






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






33. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






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






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






37. All costs of operation that are not included under cost of goods sold






38. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






39. Sales volume at a given price that will cover all of a company's costs






40. Marketers focus on stimulating demand for the new product






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






42. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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43. A leadership style where the manager is directive and controlling






44. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






45. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






47. Large-scale production and distribution of a product






48. 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






49. 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.






50. Costs created in the process of generating revenues