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. Obligations that must be next within a year






2. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






3. Form of a corporation spanning national boundaries






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






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






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






7. Amounts that are currently due to a company






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






9. Current assets minus current liabilities






10. The ability to carry out a task






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






12. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






14. Larger visual and multimedia ads that appear on websites






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






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






17. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






18. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






19. Organization in which most decision-making authority is held by upper-level management






20. 12 month accounting period that begins on January 1 and ends on December 31






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






22. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






23. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






24. Law created by consistitution(s) or by federal - state - or local legislative acts






25. Mechanism for exchange between buyers and sellers of a particular good or service






26. Method of calculating the minimum volume of sales needed at a given price to cover all costs






27. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






28. In bookkeeping - an increase in assets






29. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






30. The price of your nation's currency is in terms of another nation's currency






31. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






33. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






34. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






36. Lots of leeway to workers to meet goals






37. Categorization of customers according to their geographical location






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






39. A large number of identical products are assembled using a continuous - efficient procedure






40. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






41. The creation and sharing of product-related information among customers and potential customers






42. Ratios that measure the effectiveness of the firm's use of its resources






43. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






44. A leadership style where managers are less directive and involved employees in decision making






45. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






46. Where products are conveniently placed for customers






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






48. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






49. A business firm that does things for you instead of making or makerting products






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