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






2. Results from the leader's ability to give or withhold rewards






3. Process through which a manager allocates work to subordinates






4. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






6. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






8. Somethings needed by a community and provided by its government






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






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






11. The ability to get others to accoplish tasks because of the position the leader holds






12. The ability to carry out a task






13. Process of scanning the business environment for threats and opportunities






14. The amount of money charged for a product or service






15. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






16. This law guards against false advertising.






17. Occurs when widespread price increases occur throughout an economic system






18. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






19. Product made or grown abroad but sold domestically






20. 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.






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






22. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






24. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






26. Cost of goods sold = beginning inventory + net purchases - ending inventory






27. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






29. Organization's methods for dealing with emergencies






30. The quantity of a good that an average worker can produce in an hour






31. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






33. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






35. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






36. Sales promotion aimed at final consumers






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






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






39. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






40. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






43. Assets = liabilities + owner's equity






44. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






45. 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






46. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






47. A leadership style where managers are less directive and involved employees in decision making






48. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






49. Strategy whereby a firm sells one or more of its business units






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