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. 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






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






3. The value that a company has built up in a brand






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






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






6. Sales promotion aimed at final consumers






7. Media: news release; audience: broad - intensity: passive - active; purpose: inform






8. 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






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






10. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






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






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






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






15. Rewarded for good performance; something the employee likes is praised






16. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






17. Lots of leeway to workers to meet goals






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






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






20. Characteristic of centralized companies with multiple layers of management






21. Compensation other than wages and salaries






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






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






24. The level of joblessness among people actively seeking work in an economic system






25. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






26. An action is morally correct - when - among the people it affects...






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






28. A short - specific written statement of the reason a business exists and what it wants to achieve.






29. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






30. Unwelcome sexual advances in the workplace






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






32. Costs created in the process of generating revenues






33. In a ____ authority originates at the top and moves downward in a line.






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






35. Something that the employee dislikes is taken away






36. Marketers focus on stimulating demand for the new product






37. The combined use of tactical and strategic management






38. Court-granted permission for a company to not pay some or all debts






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






40. Top manager who is responsible for the overall performance of a corporation






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






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






43. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






44. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






45. In bookkeeping - an increase in assets






46. Making decisions without consulting anyone






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






48. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






49. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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