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. Agreement to produce and market another company's product in exchange for a royalty or fee






2. Motivator and hygiene factors need to be met to prevent dissatisfaction

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3. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






4. Online ads that are linked to search engine results or website content






5. Changing jobs or tasks from time to time






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






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






8. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






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






11. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






12. Discount offered by producers to wholesalers and retailers






13. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






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






15. Intermediary who sells products directly to consumers






16. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






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






19. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






20. When organizations change raw materials into finished goods






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






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






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






24. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






26. 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






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






28. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






29. Top management team of a corporation






30. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






31. This law guards against false advertising.






32. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






33. In bookkeeping - an increase in assets






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






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






36. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






37. Method of calculating the minimum volume of sales needed at a given price to cover all costs






38. Making decisions without consulting anyone






39. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






40. Intermediary who sells products to other businesses for resale to final consumers






41. Something that the employee dislikes is taken away






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






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






44. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






46. Legal principal holding owners responsible for paying off all debts of a business






47. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






48. An extra amount of time granted to a party to make a payment






49. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






50. Cost of producing or acquiring a company's products for sale during a given period






Can you answer 50 questions in 15 minutes?



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