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. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






3. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






4. Something that the employee dislikes is taken away






5. An action is morally correct - when - among the people it affects...






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






7. Process through which a manager allocates work to subordinates






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






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






10. Roles of shareholders - directors - and other managers in corporate decision making and accountability






11. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






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






14. The value that a company has built up in a brand






15. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






17. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






18. A business that is involvec with moving goods from producers to consumers






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






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






21. Small software programs that provide part of the functionality of a website






22. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






24. Market or industry in which there is only one producer that can therefore set the prices on all of its products






25. 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






26. Expensive - rarely purchased good or service






27. Ratios that measure a firm's reliance on debt financing of its operations






28. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






30. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






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






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






34. A document - generally issued by a state government - giving permission to start a corporation






35. 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.






36. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






37. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






38. Costs created in the process of generating revenues






39. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






40. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






41. Assets - liabilities = owner's equity

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42. Sales promotion aimed at final consumers






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






44. Process by which the world is becoming a single interdependent system






45. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






47. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






49. The way you live as measure by the kinds and quality of goods and services you can afford






50. 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