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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. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






2. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






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






5. 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.






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






7. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






8. Physical products purchased by consumers for personal use






9. An increase in liabilities






10. Large-scale production and distribution of a product






11. Communications channels - such as newspapers - radio - and television






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






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






14. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






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






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






18. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






19. Introducing a new product at a low price in hopes of building sales volume quickly






20. Discount offered by producers to wholesalers and retailers






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






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






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






24. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






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






27. In bookkeeping - an increase in assets






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






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






30. Corporation whose stock is widely held and available for sale to the general public






31. Power of a good or services to satisfy a human need






32. Selling or supporting the sales process over the telephone






33. Building a specific and unique product to meet the needs of one consumer






34. Strategy in which two or more organizations collaborate on a project for mutual gain






35. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






36. Diagram depicting a company's structure and showing employees where they fit into its operations






37. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






38. Marketers focus on stimulating demand for the new product






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






40. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






41. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






42. Creating a flatter organization structure normally cutting out middle management






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






44. A leadership style where the manager is directive and controlling






45. Measures income earned on owners' investment - formula: Net income/total owners' equity






46. A business firm that does things for you instead of making or makerting products






47. Beliefs about what is right or wrong and good or bad in actions that affect others






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






49. Legal principal holding owners responsible for paying off all debts of a business






50. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






Can you answer 50 questions in 15 minutes?



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