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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. Elimination of rules that restrict business activity






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






3. Ethical or unethical behaviors by employees in the context of their jobs






4. Process through which a manager allocates work to subordinates






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






6. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






7. Top manager who is responsible for the overall performance of a corporation






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






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






10. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






11. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






12. People are internally motivated






13. Charging a high price for a new product during the introductory stage and lowering the price later






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






15. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






17. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






18. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






19. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






20. Costs created in the process of generating revenues






21. Payments other than wages or salaries - other benefits






22. When a task is too time consuming for a manager to handle alone - he or she may ____.






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






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






25. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






26. The purchase of one company by another






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






28. Selling method in which the price is set by customers bidding against each other






29. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






31. Process of converting government enterprises into privately owned companies






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






33. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






35. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






36. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






37. Delegating more power to employees






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






39. Agreement to produce and market another company's product in exchange for a royalty or fee






40. In bookkeeping - an increase in assets






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






42. Postsales reductions in price - must be applied for by the purchaser






43. A prolonged and deep recession






44. This level of management includes department heads and district sales managers.






45. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






46. The quantity of a good that an average worker can produce in an hour






47. People are lazy






48. Sales promotion aimed at final consumers






49. Exchange of value between parties






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






Can you answer 50 questions in 15 minutes?



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