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. Current assets minus current liabilities






2. Study of statistical characteristics of a population






3. Advertising sent directly to potential customers - usually through the mail






4. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






5. The company founder is no longer solely responsible for all decision making during the ____.






6. Payments other than wages or salaries - other benefits






7. Statement of a firm's financial position on a particular date; also known as a statement of financial position






8. Process of converting government enterprises into privately owned companies






9. Using relative information to predict how many jobs will be needed






10. Partner who actively manages a firm and who has unlimited liability for its debts






11. Process through which a manager allocates work to subordinates






12. In bookkeeping - an increase in assets






13. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






14. Objective that a business hopes and plans to achieve






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






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






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






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






19. 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






20. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






22. Selling or supporting the sales process over the telephone






23. A prolonged and deep recession






24. Online ads that are linked to search engine results or website content






25. 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.






26. Bar codes on product packages that provide information read by optical scanners






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






28. Assets = liabilities + owner's equity






29. Power of a good or services to satisfy a human need






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






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






32. Obligation employees have to their manager for the successful completion of an assigned task






33. Personal communication between a seller and one or more potential buyers






34. Physical products purchased by companies to produce other products






35. Amounts that are currently due to a company






36. 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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37. Informal communication between customers and potential customers






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






39. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






40. Codified rules of behavior enforced by society






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






42. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






43. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






44. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






46. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






48. Power to make the decisions necessary to complete a task






49. Measures income earned on owners' investment - formula: Net income/total owners' equity






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







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Can you answer 50 questions in 15 minutes?


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