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. Pricing selling one product at a loss as a way to entice customers to consider other products






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






3. A measure of the sensitivity of demand to changes in price






4. Business costs that increase with the number of units produced






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






6. The price of your nation's currency is in terms of another nation's currency






7. Use a brand name on a variety of related products






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






9. Diagram depicting a company's structure and showing employees where they fit into its operations






10. A series of related products offered by a firm






11. Product made or grown domestically but sold abroad






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






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






14. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






15. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






16. Strategic alliance in which the collaboration involves joint ownership of the new venture






17. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






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






19. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






20. Cash and items that can be turned into cash within one year






21. Creating a flatter organization structure normally cutting out middle management






22. 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






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






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






25. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






26. In bookkeeping - an increase in assets






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






28. Process of converting government enterprises into privately owned companies






29. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






30. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






31. Sales volume at a given price that will cover all of a company's costs






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






33. Positive reinforcement - negative reinforcement - punishment






34. Compensation other than wages and salaries






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






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






37. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






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






39. Alternative plans to be implemented if uncontrollable event occur






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






41. Charging a high price for a new product during the introductory stage and lowering the price later






42. Markets focus on increasing the product's market share






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






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






45. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






46. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






47. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






48. Charging a high price for a new product during the introductory stage and lowering the price later






49. Objective that a business hopes and plans to achieve






50. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests