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






2. Managers and workers cooperating as a team






3. 12 month accounting period that begins on January 1 and ends on December 31






4. Marketers focus on stimulating demand for the new product






5. The combined use of tactical and strategic management






6. Manager responsible for supervising the work of employees






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






8. Ratio between net income after taxes and net sales; also known as profit margin






9. Partner who actively manages a firm and who has unlimited liability for its debts






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






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






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






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






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






15. Goal set for the very near future






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






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






18. Objective that a business hopes and plans to achieve






19. Systems for moving goods and services from producers to customers; also known as marketing channels






20. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






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






22. Acquiring funds by selling shares of a company's stock






23. 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






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






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






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






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






28. Compensation other than wages and salaries






29. Any 12 consecutive months used as an accounting period






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






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






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






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






34. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






35. 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






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






37. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






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






40. Obligations that must be next within a year






41. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






42. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






44. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






47. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






48. Individuals or households that buy goods and services for personal use






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






50. 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