Test your basic knowledge |

Business Fundamentals

Subject : business-skills
  • 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. Stems from personal trust and respect members have for the leader

2. Portion of a brand that cannot be expressed verbally

3. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce

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

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

6. Occurs when two companies form one corporation

7. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind

8. 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

9. Being accountable or being able to justify an action

10. Promotional campaigns that send information only to those people who've specifically asked to receive it

11. Law made by the authority of administrative agencies

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

13. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly

14. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data

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

16. Brands owned by the manufacturers and distributed nationally

17. Costs created in the process of generating revenues

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

19. An increase in liabilities

20. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships

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

22. Cost of producing or acquiring a company's products for sale during a given period

23. 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

24. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'

25. A group of customer who need or want a particular product and have the money to buy it

26. Specific customer groups or segments to whom a company wants to sell a particular product

27. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another

28. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis

29. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments

30. Organization for economic - social - and security cooperation among European nations

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

32. Strategy whereby a firm sells one or more of its business units

33. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing

34. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance

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

36. Goal set for the very near future

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

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

39. Where products are conveniently placed for customers

40. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique

41. 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

42. Act of obtaining a desired object or services from another party by offering something of value in return

43. 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

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

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

46. Industry in which one company can most efficiently supply all needed goods or services

47. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade

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

49. Selling method in which the price is set by customers bidding against each other

50. Ratios that measure a firm's reliance on debt financing of its operations