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. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






2. Managers and workers cooperating as a team






3. Characteristic of centralized companies with multiple layers of management






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






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






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






7. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






8. Product - price - distribution - customer communication


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






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






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






12. 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






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






14. People are lazy






15. Act of obtaining a desired object or services from another party by offering something of value in return






16. 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






17. Costs created in the process of generating revenues






18. Strategy in which two or more organizations collaborate on a project for mutual gain






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






20. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






21. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






22. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






23. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






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






25. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






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






28. The willingness and ability of buyers to purchase a good or service






29. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met


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






31. Location






32. Inexpensive good or service purchased and consumed rapidly and regularly






33. Diagram depicting a company's structure and showing employees where they fit into its operations






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






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






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






37. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






38. Sales promotion aimed at final consumers






39. A detailed series of related steps or tasks written to implement a policy is called a ____.






40. 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






41. 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






42. Organization for economic - social - and security cooperation among European nations






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






44. Selling method in which the price is set by customers bidding against each other






45. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






47. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






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






50. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid