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






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






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






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






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






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






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






8. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






9. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






10. Offering a temporary reduction in price






11. Informal work groups can affect ____.






12. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






13. 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.






14. Provides protection for the product - makes products easier to display - and attracts attention






15. 12 month accounting period that begins on January 1 and ends on December 31






16. 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






17. Process of converting government enterprises into privately owned companies






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






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






20. Goal set for the very near future






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






22. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






23. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






24. Industry in which one company can most efficiently supply all needed goods or services






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






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






27. 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






28. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


30. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






31. Vying among businesses for the same resources or customers






32. Partner who actively manages a firm and who has unlimited liability for its debts






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






34. Business costs that remain constant regardless of the number of units produced






35. 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






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






37. Alternative plans to be implemented if uncontrollable event occur






38. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






39. A Theory Y manager is most likely to ____.






40. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






41. Electronic media that invite participation by the general public






42. Media: news release; audience: broad - intensity: passive - active; purpose: inform






43. Marketers focus on stimulating demand for the new product






44. Product made or grown domestically but sold abroad






45. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






46. People are lazy






47. Formal agreement to set prices. Sometimes illegal - but is typically secretive






48. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






49. Process of dealing with employees who are represented by a union






50. Top manager who is responsible for the overall performance of a corporation