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. Process through which a manager allocates work to subordinates






2. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






4. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






5. Transferring work to another country






6. Characteristic of decentralized companies with relatively few layers of management






7. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






8. Assets - liabilities = owner's equity

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9. Postsales reductions in price - must be applied for by the purchaser






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






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






12. The ability to carry out a task






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






14. Costs created in the process of generating revenues






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






16. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






17. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






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






19. Characteristic of centralized companies with multiple layers of management






20. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






21. Goal set for the very near future






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






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






24. Legal principal holding owners responsible for paying off all debts of a business






25. Occurs when widespread price increases occur throughout an economic system






26. Brands owned by the manufacturers and distributed nationally






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






28. Exchange of value between parties






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






30. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






32. Unwelcome sexual advances in the workplace






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






34. Management process of guiding and motivating employees to meet an organization's objectives






35. When a task is too time consuming for a manager to handle alone - he or she may ____.






36. Specification of the jobs to be done within an organization and the ways in which they relate to one another






37. Marketers focus on stimulating demand for the new product






38. A sustained increase in the general level of prices






39. Process for evaluating proposed investments in select projects that provide the best long-term financial return






40. Assets = liabilities + owner's equity






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






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






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






44. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






45. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






46. Applying a successful brand name to a new product category






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






48. Top management team of a corporation






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






50. Loss of brand identity and the cannibalization of sales of other products in the product line