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. Mechanism for exchange between buyers and sellers of a particular good or service






2. Statement of a firm's financial position on a particular date; also known as a statement of financial position






3. Introductory stage - growth stage - maturity stage - decline stage






4. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






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






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






8. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






9. Type of partnership consisting of limited partners and a general (or active) partner






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






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






12. Selling or supporting the sales process over the telephone






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






14. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






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






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






18. Business owned and usually operated by one person who is responsible for all its debts






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






20. Roles of shareholders - directors - and other managers in corporate decision making and accountability






21. Planned economic system in which the government owns and operates only selected major sources of production






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






23. Electronic media that invite participation by the general public






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






25. The act of transferring net revenue and expense account balances to retained earnings for the period






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






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






28. Act of obtaining a desired object or services from another party by offering something of value in return






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






30. Brands owned by the manufacturers and distributed nationally






31. Corporation whose stock is widely held and available for sale to the general public






32. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






34. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






36. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






38. Top management team of a corporation






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






40. 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






41. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






43. Managers and workers cooperating as a team






44. A sustained increase in the general level of prices






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






46. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






48. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






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