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. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






2. Stems from personal trust and respect members have for the leader






3. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






5. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






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






7. Somethings needed by a community and provided by its government






8. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






10. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






11. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






12. The creation and sharing of product-related information among customers and potential customers






13. The willingness and ability of producers to offer a good or service for sale






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






15. Activities producing tangible products such as radios - newspapers - buses and textbooks






16. Form of a corporation spanning national boundaries






17. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






18. Systems for moving goods and services from producers to customers; also known as marketing channels






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






20. Rewarded for good performance; something the employee likes is praised






21. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






22. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






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






25. Effective acquisition and use of money






26. A large number of identical products are assembled using a continuous - efficient procedure






27. Form of nonstore retailing in which the telephone is used to sell directly to consumers






28. Exchange of value between parties






29. Physical products purchased by companies to produce other products






30. Elimination of rules that restrict business activity






31. The way you live as measure by the kinds and quality of goods and services you can afford






32. 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






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






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






35. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






36. Mix of people in organizations in terms of essential/demographic status






37. Introductory stage - growth stage - maturity stage - decline stage






38. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






39. Characteristic of decentralized companies with relatively few layers of management






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






41. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






42. 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






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






44. 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






45. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






46. Process through which a manager allocates work to subordinates






47. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






48. 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






49. Complete list of all products that a company offers for sale






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