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. The way a manager teats and directs employees






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






3. Pricing selling one product at a loss as a way to entice customers to consider other products






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






5. Customer value added by making a product available in a convenient location






6. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






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






9. 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






10. Free or bargain-priced items offered to encourage customers to buy a product






11. The company founder is no longer solely responsible for all decision making during the ____.






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






13. 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






14. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






15. Any 12 consecutive months used as an accounting period






16. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






17. Transferring work to another country






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






19. 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






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






21. 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






22. Method of calculating the minimum volume of sales needed at a given price to cover all costs






23. Provides protection for the product - makes products easier to display - and attracts attention






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






25. Manager responsible for a firm's overall performance and effectiveness






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






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






28. 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






29. The union of two corporations to form a new corporation






30. Unwelcome sexual advances in the workplace






31. Activities needed to move a product efficiently from manufacturer to consumer






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






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






34. 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






35. Offering several products for a single price that is presumably lower than the total of the products' individual prices






36. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






38. This law guards against false advertising.






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






40. The action of ensuring that operations produce products that meet specific quality standards






41. A leadership style where the manager is directive and controlling






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






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






44. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






45. Senior company managers who serve on the company's board of directors are known as ____.






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






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






48. Costs created in the process of generating revenues






49. Advertising sent directly to potential customers - usually through the mail






50. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets