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. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






2. Form of a corporation spanning national boundaries






3. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






4. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






6. Elimination of rules that restrict business activity






7. The union of two corporations to form a new corporation






8. Pricing selling one product at a loss as a way to entice customers to consider other products






9. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






11. Market or industry characterized by numerous small firms producing an identical product






12. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






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






14. A business firm that does things for you instead of making or makerting products






15. Brands owned by the manufacturers and distributed nationally






16. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






17. Takes the extractor's products or raw materials and changs the into a form that consumers can use






18. Form - time - place - possession






19. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






20. Acquiring funds through borrowing






21. The act of transferring net revenue and expense account balances to retained earnings for the period






22. Expensive - rarely purchased good or service






23. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






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






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






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






28. Industry in which one company can most efficiently supply all needed goods or services






29. Compensation other than wages and salaries






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






31. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






32. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






33. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






34. Process of converting government enterprises into privately owned companies






35. The way a manager teats and directs employees






36. Illegal practice of using special knowledge about a firm for profit or gain






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






38. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






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






41. Choosing one alternative from among several options






42. 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






43. Product development stage in which a product is sold on a limited basis - a trial introduction






44. Where products are conveniently placed for customers






45. 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






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






47. Law made by the authority of administrative agencies






48. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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