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. Acquiring funds by selling shares of a company's stock






2. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






3. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






4. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






6. Mix of people in organizations in terms of essential/demographic status






7. The process of comparing an organization's products or services and processes with those of another companies






8. Nonsales communication that businesses have with their various audiences






9. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






10. Law created by consistitution(s) or by federal - state - or local legislative acts






11. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






12. Customer value created when someone takes ownership of a product






13. Making decisions without consulting anyone






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






15. Agreement to produce and market another company's product in exchange for a royalty or fee






16. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






17. 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






18. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






19. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






20. Informal work groups can affect ____.






21. When organizations change raw materials into finished goods






22. 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






23. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






24. Provides protection for the product - makes products easier to display - and attracts attention






25. 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






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






27. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






28. Current assets minus current liabilities






29. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






32. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






33. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






34. Activities producing intangible and tangible products - such as entertainment - transportation - and education






35. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






36. Business costs that increase with the number of units produced






37. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






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






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






41. Market or industry in which there is only one producer that can therefore set the prices on all of its products






42. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






43. Form of nonstore retailing in which the telephone is used to sell directly to consumers






44. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






46. Confusion results if a person reports to two people at once - according to ____.






47. Obligations that must be next within a year






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






49. Introducing a new product at a low price in hopes of building sales volume quickly






50. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce