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. Small groups in the same work area that have scheduled meetings about problems and how to fix them






2. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






3. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






4. Management process of monotoring an organization's performance to ensure that it is meeting its goals






5. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






6. 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






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






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






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






10. Form - time - place - possession






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






12. A firm's portion of the total sales in a market






13. Measures income earned on owners' investment - formula: Net income/total owners' equity






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






15. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






16. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






17. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






18. Product that is dissimilar from those of competitors but than can fulfill the same need






19. Assets - liabilities = owner's equity

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20. Amounts that are currently due to a company






21. Corporation whose stock is held by only a few people and is not available for sale to the general public






22. 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






23. Current assets minus current liabilities






24. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






25. Economy in which individuals control production and allocation decisions through supply and demand






26. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






27. Ratio between net income after taxes and total owners' equity; also known as return on equity






28. Skills in defining problems and selecting the best courses of action






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






30. Claims against a firm's assets by creditors - such as banks and suppliers






31. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






32. Large-scale production and distribution of a product






33. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






35. Business costs that remain constant regardless of the number of units produced






36. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






38. Brands owned by the manufacturers and distributed nationally






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






40. Making decisions without consulting anyone






41. Markets focus on increasing the product's market share






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






43. Positive reinforcement - negative reinforcement - punishment






44. Nonsales communication that businesses have with their various audiences






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






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






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






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






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






50. A document - generally issued by a state government - giving permission to start a corporation