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. Process of converting government enterprises into privately owned companies






2. Customer value created by converting raw materials and other inputs into finished goods and services






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






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






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






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






7. Results from the leader's ability to give or withhold rewards






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






9. Goal set for an extended time - typically 5 years or more in the future






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






11. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






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






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






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






15. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






16. Location






17. Legal principal holding owners responsible for paying off all debts of a business






18. Charging a high price for a new product during the introductory stage and lowering the price later






19. In bookkeeping - an increase in assets






20. Acquiring funds through borrowing






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






22. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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






24. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






25. Law created by consistitution(s) or by federal - state - or local legislative acts






26. Corporation whose stock is held by only a few people and is not available for sale to the general public






27. Exchange of value between parties






28. People are lazy






29. Amounts that are currently due to a company






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






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






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






33. 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






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






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






36. Alternative plans to be implemented if uncontrollable event occur






37. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






38. Transferring work to another country






39. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






41. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






42. People are internally motivated






43. Positive reinforcement - negative reinforcement - punishment






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






45. Confusion results if a person reports to two people at once - according to ____.






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






47. The willingness and ability of buyers to purchase a good or service






48. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






49. Ratio between net income after taxes and total owners' equity; also known as return on equity






50. Process for evaluating proposed investments in select projects that provide the best long-term financial return