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






2. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






3. Obligations that must be next within a year






4. Power of a good or services to satisfy a human need






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






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






7. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






8. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






9. Bar codes on product packages that provide information read by optical scanners






10. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






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






13. 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






14. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






15. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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






17. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






18. The ability to get others to accoplish tasks because of the position the leader holds






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






20. Unwelcome sexual advances in the workplace






21. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






22. Introductory stage - growth stage - maturity stage - decline stage






23. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






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






26. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






27. profitability - liquidity - activities - and leverage/debt






28. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






29. 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






30. Partnership between two or more companies to closely link their brand names together for a single product






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






32. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






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






35. Advertising intended to remind existing customers of a product's availability and benefits






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






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






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






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






40. The degree to which customers continue to purchase a specific brand






41. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






42. Changes the form of material so they can be consumed or used to manufacture other products






43. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






44. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






45. Identification and marketing of a social issues - cause - or idea to selected target markets






46. Selling or supporting the sales process over the telephone






47. Occurs when two companies form one corporation






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






49. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






50. Corporation whose stock is widely held and available for sale to the general public