Test your basic knowledge |

Business Fundamentals

Subject : business-skills
Instructions:
  • Answer 50 questions in 30 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. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






3. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






4. 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






5. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






6. Intermediary who sells products directly to consumers






7. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






8. Discount offered by producers to wholesalers and retailers






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






10. Costs created in the process of generating revenues






11. Management process of determining what an organization needs to do and how best to get it done






12. People are internally motivated






13. Manager responsible for implementing the strategies and working toward the goals set by top managers






14. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






15. Selling one product at a loss as a way to entice customers to consider other products






16. Codified rules of behavior enforced by society






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






18. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






19. Sales volume at a given price that will cover all of a company's costs






20. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






21. Court-granted permission for a company to not pay some or all debts






22. Strategy in which two or more organizations collaborate on a project for mutual gain






23. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






24. profitability - liquidity - activities - and leverage/debt






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






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






27. Body of decisions handed down by courts ruling on individual cases






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






29. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






30. Management process of guiding and motivating employees to meet an organization's objectives






31. 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






32. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






33. The collection and analysis of information for making marketing decisions






34. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






36. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






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






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






40. Vying among businesses for the same resources or customers






41. Arises when group members recognize that the leader has special expertise in the area






42. Expensive - rarely purchased good or service






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






44. Using relative information to predict how many jobs will be needed






45. When a task is too time consuming for a manager to handle alone - he or she may ____.






46. Being accountable or being able to justify an action






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






48. Lots of leeway to workers to meet goals






49. Delegating more power to employees






50. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio