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






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






3. Offering several products for a single price that is presumably lower than the total of the products' individual prices






4. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






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






7. 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






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






9. Pricing selling one product at a loss as a way to entice customers to consider other products






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






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






12. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






13. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






16. When organizations change raw materials into finished goods






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






18. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






19. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






20. Business owned and usually operated by one person who is responsible for all its debts






21. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






22. Continually adjusting prices to reflect changes in supply and demand






23. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






24. Use a brand name on a variety of related products






25. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






27. 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






28. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






29. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met


30. Management process of guiding and motivating employees to meet an organization's objectives






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






32. The collection and analysis of information for making marketing decisions






33. Customer value created by converting raw materials and other inputs into finished goods and services






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






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






36. Making decisions without consulting anyone






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






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






39. Arises when group members recognize that the leader has special expertise in the area






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






41. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






43. Claims against a firm's assets by creditors - such as banks and suppliers






44. A group of customer who need or want a particular product and have the money to buy it






45. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






47. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






49. Being accountable or being able to justify an action






50. Mix of people in organizations in terms of essential/demographic status