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. Stocks - bonds - and other investments that can be turned into cash quickly






2. Large-scale production and distribution of a product






3. Strategy in which two or more organizations collaborate on a project for mutual gain






4. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






5. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






6. A firm's portion of the total sales in a market






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






8. Product made or grown domestically but sold abroad






9. Product made or grown abroad but sold domestically






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






11. Promotional campaigns that send information only to those people who've specifically asked to receive it






12. Personal communication between a seller and one or more potential buyers






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






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






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






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






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






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






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






20. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






21. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






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






24. Form - time - place - possession






25. Economic system that allows individuals to pursue their own interests without undue governmental restriction






26. Takes the extractor's products or raw materials and changs the into a form that consumers can use






27. 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






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






29. Codified rules of behavior enforced by society






30. A prolonged and deep recession






31. Reporting relationships within a company






32. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






33. A business that grows products or takes raw material from nature






34. Independent and well informed buyers and sellers of the exact same product (farmers markets)






35. 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






36. The movement of an economy from one condition to another and back again






37. Building a specific and unique product to meet the needs of one consumer






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






39. Brands owned by the manufacturers and distributed nationally






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






41. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






42. Arises when group members recognize that the leader has special expertise in the area






43. 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






44. Advertising sent directly to potential customers - usually through the mail






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






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






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






48. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






49. Where products are conveniently placed for customers






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