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






2. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






4. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






5. Introducing a new product at a low price in hopes of building sales volume quickly






6. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






7. 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






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






9. Owner of shares of stock in a corporation






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






11. Something that the employee dislikes is taken away






12. 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






13. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






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






16. The action of ensuring that operations produce products that meet specific quality standards






17. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






18. Economy in which individuals control production and allocation decisions through supply and demand






19. Expensive - rarely purchased good or service






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






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






22. People are lazy






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






24. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






25. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






26. Selling method in which the price is set by customers bidding against each other






27. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






28. A period during which aggregate output - as measured by GDP - declines






29. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






30. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






31. Process by which the world is becoming a single interdependent system






32. Current assets minus current liabilities






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






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






35. This law guards against false advertising.






36. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






37. Market or industry characterized by numerous small firms producing an identical product






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






39. Corporation whose stock is held by only a few people and is not available for sale to the general public






40. Study of statistical characteristics of a population






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






42. Elimination of rules that restrict business activity






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






44. Power of a good or services to satisfy a human need






45. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






46. Power to make the decisions necessary to complete a task






47. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






49. Product - price - distribution - customer communication

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50. Marketing efforts to attract people and organizations to a particular geographical area







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Can you answer 50 questions in 15 minutes?


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