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 in which there is only one producer that can therefore set the prices on all of its products






2. Top management team of a corporation






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






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






5. Brands owned by the manufacturers and distributed nationally






6. External statistical descriptors such as age - income - gender - and profession






7. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






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






10. Making decisions without consulting anyone






11. Beliefs about what is right or wrong and good or bad in actions that affect others






12. Informal work groups can affect ____.






13. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






14. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






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






17. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






18. 12 month accounting period that begins on January 1 and ends on December 31






19. People are internally motivated






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






21. In bookkeeping - an increase in assets






22. This law guards against false advertising.






23. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






24. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






25. 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






26. The ability to carry out a task






27. Small groups in the same work area that have scheduled meetings about problems and how to fix them






28. Skills in defining problems and selecting the best courses of action






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






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






31. Alternative plans to be implemented if uncontrollable event occur






32. The level of joblessness among people actively seeking work in an economic system






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






34. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






35. Nonsales communication that businesses have with their various audiences






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






37. 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






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






39. Bar codes on product packages that provide information read by optical scanners






40. A business that grows products or takes raw material from nature






41. Codified rules of behavior enforced by society






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






43. 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






44. Authority granted to committees or teams involved in a firm's daily operations






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






46. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






47. Making a product available at a convenient time






48. Markets focus on increasing the product's market share






49. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






50. Large-scale production and distribution of a product