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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. 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.






2. Cost of producing or acquiring a company's products for sale during a given period






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






4. Court-granted permission for a company to not pay some or all debts






5. 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






6. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






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






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






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






11. Individuals or households that buy goods and services for personal use






12. Small groups in the same work area that have scheduled meetings about problems and how to fix them






13. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






14. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






15. Continually adjusting prices to reflect changes in supply and demand






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






17. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






19. Behavior exhibited by consumers as they consider - select - and purchase goods and services






20. Assets - liabilities = owner's equity

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21. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






22. Expensive - rarely purchased good or service






23. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






24. Applying a successful brand name to a new product category






25. Form of nonstore retailing in which the telephone is used to sell directly to consumers






26. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






28. Marketing efforts to attract people and organizations to a particular geographical area






29. Any 12 consecutive months used as an accounting period






30. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






31. Selling or supporting the sales process over the telephone






32. Process through which a manager allocates work to subordinates






33. Act of obtaining a desired object or services from another party by offering something of value in return






34. The degree to which customers continue to purchase a specific brand






35. Assets = liabilities + owner's equity






36. Portion of a brand that can be expressed orally - including letters - words - or numbers






37. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






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






40. An increase in liabilities






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






42. Characteristic of decentralized companies with relatively few layers of management






43. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






44. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






45. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






46. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






48. Stems from personal trust and respect members have for the leader






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






50. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment







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