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. The ability to get others to accoplish tasks because of the position the leader holds






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






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






4. Something that the employee dislikes is taken away






5. Physical products purchased by consumers for personal use






6. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






7. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






8. Organization's methods for dealing with emergencies






9. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






10. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






11. 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






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






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






14. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






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






17. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






19. Informal work groups can affect ____.






20. Selling one product at a loss as a way to entice customers to consider other products






21. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






23. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






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






25. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






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






28. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






29. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






30. Costs created in the process of generating revenues






31. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






32. Alternative plans to be implemented if uncontrollable event occur






33. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






34. In a ____ authority originates at the top and moves downward in a line.






35. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






36. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






37. Form of a corporation spanning national boundaries






38. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






39. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






40. 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






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






42. 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






43. Assets = liabilities + owner's equity






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






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






46. A firm's portion of the total sales in a market






47. Intermediary who sells products directly to consumers






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






49. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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