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. Use a brand name on a variety of related products






2. Selling one product at a loss as a way to entice customers to consider other products






3. Making a product available at a convenient time






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






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






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






7. A group of customer who need or want a particular product and have the money to buy it






8. Any 12 consecutive months used as an accounting period






9. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






10. Product made or grown domestically but sold abroad






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






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






13. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






15. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






17. The collection and analysis of information for making marketing decisions






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






19. People are lazy






20. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






21. Beliefs about what is right or wrong and good or bad in actions that affect others






22. Elimination of rules that restrict business activity






23. An increase in liabilities






24. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






25. Introducing a new product at a low price in hopes of building sales volume quickly






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






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






28. Costs created in the process of generating revenues






29. 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






30. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






31. Intermediary who sells products directly to consumers






32. 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






33. Vying among businesses for the same resources or customers






34. 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






35. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






36. A period during which aggregate output - as measured by GDP - declines






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






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






39. The creation and sharing of product-related information among customers and potential customers






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






41. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






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






43. Delegating more power to employees






44. Making decisions without consulting anyone






45. Managers and workers cooperating as a team






46. Organization in which most decision-making authority is held by upper-level management






47. Something produced by the intellect or mind that has commercial value






48. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






50. Where products are conveniently placed for customers