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






2. Changing jobs or tasks from time to time






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






4. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






5. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






6. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






7. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization


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






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






10. A business that is involvec with moving goods from producers to consumers






11. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






12. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






13. The process of comparing an organization's products or services and processes with those of another companies






14. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






16. Goal set for the very near future






17. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






18. Location






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






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






21. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






22. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






23. Demographics - psychographics - and geographics






24. A period during which aggregate output - as measured by GDP - declines






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






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






27. Informal communication between customers and potential customers






28. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






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






31. Product - price - distribution - customer communication


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






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






34. Brands owned by the manufacturers and distributed nationally






35. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






36. The way a manager teats and directs employees






37. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






38. Body of decisions handed down by courts ruling on individual cases






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






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






41. Form - time - place - possession






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






43. Results from the leader's ability to give or withhold rewards






44. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






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






47. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






48. A sustained increase in the general level of prices






49. Where products are conveniently placed for customers






50. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes