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






2. Brand awareness - brand preference - brand insistence






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






4. Making decisions without consulting anyone






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






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






7. The level of joblessness among people actively seeking work in an economic system






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






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






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






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






12. A sustained increase in the general level of prices






13. Objective that a business hopes and plans to achieve






14. Managers and workers cooperating as a team






15. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






17. Management process of determining what an organization needs to do and how best to get it done






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






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






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






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






22. Planned economic system in which the government owns and operates only selected major sources of production






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






24. Small software programs that provide part of the functionality of a website






25. Authority granted to committees or teams involved in a firm's daily operations






26. Partnership between two or more companies to closely link their brand names together for a single product






27. Portion of a brand that cannot be expressed verbally






28. Process for evaluating proposed investments in select projects that provide the best long-term financial return






29. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






30. The amount of money charged for a product or service






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






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






33. Manager responsible for implementing the strategies and working toward the goals set by top managers






34. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






35. Assets - liabilities = owner's equity

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36. People are lazy






37. Form - time - place - possession






38. Study of statistical characteristics of a population






39. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






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






41. Acquiring funds through borrowing






42. Alternative plans to be implemented if uncontrollable event occur






43. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






44. The act of transferring net revenue and expense account balances to retained earnings for the period






45. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






47. Activities producing tangible products such as radios - newspapers - buses and textbooks






48. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






49. Customer value added by making a product available at a convenient time






50. Lots of leeway to workers to meet goals







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