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. Obligation employees have to their manager for the successful completion of an assigned task






2. Study of statistical characteristics of a population






3. The combined use of tactical and strategic management






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






5. The purchase of one company by another






6. Advertising sent directly to potential customers - usually through the mail






7. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






8. Organization's methods for dealing with emergencies






9. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






10. A series of related products offered by a firm






11. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






12. Product made or grown abroad but sold domestically






13. Choosing one alternative from among several options






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






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






16. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






17. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






19. All the operating expenses associated with marketing goods or services






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






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






22. Process through which a manager allocates work to subordinates






23. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






24. A sustained increase in the general level of prices






25. Goal set for an extended time - typically 5 years or more in the future






26. Loss of brand identity and the cannibalization of sales of other products in the product line






27. Advertising designed to encourage customers to try new products or to switch brands






28. Selling or supporting the sales process over the telephone






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






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






31. Assets = liabilities + owner's equity






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






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






34. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






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






37. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






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






40. Identification and marketing of a social issues - cause - or idea to selected target markets






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






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






43. The process of comparing an organization's products or services and processes with those of another companies






44. Form of a corporation spanning national boundaries






45. Compensation other than wages and salaries






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






47. Elimination of rules that restrict business activity






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






49. Inexpensive good or service purchased and consumed rapidly and regularly






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