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






2. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






3. The quantity of a good that an average worker can produce in an hour






4. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






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






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






7. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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8. Obligations that must be next within a year






9. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






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






12. Form of nonstore retailing in which the telephone is used to sell directly to consumers






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






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






15. 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






16. Intermediary who sells products to other businesses for resale to final consumers






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






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






19. Assets - liabilities = owner's equity

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20. Nonsales communication that businesses have with their various audiences






21. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






22. 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






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






24. A Theory Y manager is most likely to ____.






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






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






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






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






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






30. Being accountable or being able to justify an action






31. Managers who develop and implement a complete strategy and marketing program for specific products or brands






32. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






33. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






34. Customer value created by converting raw materials and other inputs into finished goods and services






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






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






37. When organizations change raw materials into finished goods






38. Good or service used as the basis of commerce






39. Motivator and hygiene factors need to be met to prevent dissatisfaction

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40. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






42. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






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






45. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






46. The four key elements of marketing strategy: product - price - distribution - and promotion






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






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






49. 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






50. A prolonged and deep recession