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






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






3. A leadership style where managers are less directive and involved employees in decision making






4. One seller of a product - denies people competition and is against the law (They can typically raise prices)






5. Obligation employees have to their manager for the successful completion of an assigned task






6. 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






7. Provides protection for the product - makes products easier to display - and attracts attention






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






10. Being accountable or being able to justify an action






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






12. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






13. Location






14. Nonsales communication that businesses have with their various audiences






15. 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.






16. Break-even point = fixed costs/ (selling price - variable costs per unit)






17. Reporting relationships within a company






18. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






19. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






20. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






22. An increase in liabilities






23. Product made or grown abroad but sold domestically






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






25. Economic system that allows individuals to pursue their own interests without undue governmental restriction






26. Physical products purchased by consumers for personal use






27. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






28. Sales promotion aimed at final consumers






29. Market or industry characterized by numerous small firms producing an identical product






30. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






32. 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






33. Group of small investors who invest money in companies with rapid growth potential






34. Assets - liabilities = owner's equity

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


35. Effective acquisition and use of money






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


37. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






38. Organization for economic - social - and security cooperation among European nations






39. A series of related products offered by a firm






40. A large number of identical products are assembled using a continuous - efficient procedure






41. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






42. External statistical descriptors such as age - income - gender - and profession






43. The combined use of tactical and strategic management






44. People are internally motivated






45. Goal set for the very near future






46. Brands that have been given legal protection so that their owners have exclusive rights to their use






47. Exchange of value between parties






48. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






49. 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






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