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. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






3. Ratio between net income after taxes and total owners' equity; also known as return on equity






4. The ability to get others to accoplish tasks because of the position the leader holds






5. Law created by consistitution(s) or by federal - state - or local legislative acts






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






7. Type of partnership consisting of limited partners and a general (or active) partner






8. Product that is dissimilar from those of competitors but than can fulfill the same need






9. Location






10. Activities needed to move a product efficiently from manufacturer to consumer






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






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






13. Delegating more power to employees






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






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






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






17. Customer value created when someone takes ownership of a product






18. Strategic alliance in which the collaboration involves joint ownership of the new venture






19. Making decisions without consulting anyone






20. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






21. The combined use of tactical and strategic management






22. Exchange of value between parties






23. Nonsales communication that businesses have with their various audiences






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






25. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






26. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






27. Manager responsible for supervising the work of employees






28. 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






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






30. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






31. 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






32. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






34. Obligations that must be next within a year






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






36. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






38. The price of your nation's currency is in terms of another nation's currency






39. Partner who actively manages a firm and who has unlimited liability for its debts






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






41. 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






42. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






43. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






45. Product - price - distribution - customer communication

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


46. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






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






48. Acquiring funds through borrowing






49. The ability to carry out a task






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