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. Behavior exhibited by consumers as they consider - select - and purchase goods and services






2. 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






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






4. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






5. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






6. Introductory stage - growth stage - maturity stage - decline stage






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






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






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






10. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






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






13. Inexpensive good or service purchased and consumed rapidly and regularly






14. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






15. A group of customer who need or want a particular product and have the money to buy it






16. Discount offered by producers to wholesalers and retailers






17. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






18. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






20. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






21. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






22. A business firm that does things for you instead of making or makerting products






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






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






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






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






27. Something produced by the intellect or mind that has commercial value






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






29. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






31. A prolonged and deep recession






32. The degree to which customers continue to purchase a specific brand






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






34. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






35. The purchase of one company by another






36. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






38. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






39. Product that is dissimilar from those of competitors but than can fulfill the same need






40. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






41. Personal communication between a seller and one or more potential buyers






42. Agreement to produce and market another company's product in exchange for a royalty or fee






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






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. A leadership style where the manager is directive and controlling






46. Product made or grown abroad but sold domestically






47. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






49. Money paid to acquire something of permanent value in a business






50. Lots of leeway to workers to meet goals