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






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






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






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






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






6. Physical products purchased by consumers for personal use






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






8. Compensation other than wages and salaries






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






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






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






12. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






13. Ratios that measure the effectiveness of the firm's use of its resources






14. Informal communication between customers and potential customers






15. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






16. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






17. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






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






20. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






21. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






22. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






24. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






26. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






27. Changing jobs or tasks from time to time






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






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






30. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






31. Any 12 consecutive months used as an accounting period






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






33. Difference of revenues - costs - and profit from the planned amounts.






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






35. Nonsales communication that businesses have with their various audiences






36. Owner of shares of stock in a corporation






37. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






38. profitability - liquidity - activities - and leverage/debt






39. The act of transferring net revenue and expense account balances to retained earnings for the period






40. Process for evaluating proposed investments in select projects that provide the best long-term financial return






41. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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42. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






43. Manager responsible for a firm's overall performance and effectiveness






44. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






45. Physical products purchased by companies to produce other products






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






47. People are lazy






48. The union of two corporations to form a new corporation






49. Electronic media that invite participation by the general public






50. Vying among businesses for the same resources or customers