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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. Discount offered by producers to wholesalers and retailers






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






3. A business that grows products or takes raw material from nature






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






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






6. Identification and marketing of a social issues - cause - or idea to selected target markets






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






8. The action of ensuring that operations produce products that meet specific quality standards






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






10. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






11. Goal set for the very near future






12. Advertising designed to encourage customers to try new products or to switch brands






13. The way a manager teats and directs employees






14. Elimination of rules that restrict business activity






15. 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






16. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






17. Reporting relationships within a company






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






19. A large number of identical products are assembled using a continuous - efficient procedure






20. Body of decisions handed down by courts ruling on individual cases






21. Manager responsible for implementing the strategies and working toward the goals set by top managers






22. Free or bargain-priced items offered to encourage customers to buy a product






23. A forecast of financial requirements and the financing sources to be used






24. Managers who develop and implement a complete strategy and marketing program for specific products or brands






25. Business costs that remain constant regardless of the number of units produced






26. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






27. Mechanism for exchange between buyers and sellers of a particular good or service






28. Costs created in the process of generating revenues






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






30. Location






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






32. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






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






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






35. Skills in defining problems and selecting the best courses of action






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






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






38. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






40. Any 12 consecutive months used as an accounting period






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






42. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






43. Specific customer groups or segments to whom a company wants to sell a particular product






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






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






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






47. Payments other than wages or salaries - other benefits






48. Physical products purchased by companies to produce other products






49. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






50. Good or service used as the basis of commerce






Can you answer 50 questions in 15 minutes?



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