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






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






3. The process of comparing an organization's products or services and processes with those of another companies






4. Small software programs that provide part of the functionality of a website






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






6. Process by which the world is becoming a single interdependent system






7. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






8. A forecast of financial requirements and the financing sources to be used






9. Characteristic of centralized companies with multiple layers of management






10. 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






11. Measures income earned on owners' investment - formula: Net income/total owners' equity






12. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






14. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






16. 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






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






18. Difference of revenues - costs - and profit from the planned amounts.






19. This level of management includes department heads and district sales managers.






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






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






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






23. 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






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






25. Amounts that are currently due to a company






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






27. Lots of leeway to workers to meet goals






28. Effective acquisition and use of money






29. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






31. Internal descriptors such as attitudes - interests - values - behaviors - and habits






32. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






33. Organization in which most decision-making authority is held by upper-level management






34. Postsales reductions in price - must be applied for by the purchaser






35. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






36. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






38. Payments other than wages or salaries - other benefits






39. In bookkeeping - an increase in assets






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






41. Obligation employees have to their manager for the successful completion of an assigned task






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






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






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






45. Break-even point = fixed costs/ (selling price - variable costs per unit)






46. Top manager who is responsible for the overall performance of a corporation






47. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






48. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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