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. Ratio between net income after taxes and net sales; also known as profit margin






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






3. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






5. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






6. Ethical or unethical behaviors by employees in the context of their jobs






7. Somethings needed by a community and provided by its government






8. Customer value added by making a product available in a convenient location






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






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






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






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






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






14. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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






16. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






17. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






18. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






20. Study of statistical characteristics of a population






21. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






23. The four key elements of marketing strategy: product - price - distribution - and promotion






24. The price of your nation's currency is in terms of another nation's currency






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






26. Large-scale production and distribution of a product






27. Strategic alliance in which the collaboration involves joint ownership of the new venture






28. Stocks - bonds - and other investments that can be turned into cash quickly






29. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






30. The ability to carry out a task






31. When a task is too time consuming for a manager to handle alone - he or she may ____.






32. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






34. Group of small investors who invest money in companies with rapid growth potential






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






36. Delegating more power to employees






37. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






39. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






40. Direct communication other than personal sales contacts designed to effect a measurable response






41. 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






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






43. Sales promotion aimed at final consumers






44. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






45. Goal set for the very near future






46. Stems from personal trust and respect members have for the leader






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






48. Brands owned by the manufacturers and distributed nationally






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






50. Acquiring funds through borrowing