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. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






2. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






4. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






5. Act of obtaining a desired object or services from another party by offering something of value in return






6. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






8. 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






9. The process of comparing an organization's products or services and processes with those of another companies






10. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






12. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






13. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






15. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






17. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






19. Goal set for an extended time - typically 5 years or more in the future






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






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






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






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






24. The willingness and ability of producers to offer a good or service for sale






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






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






27. Senior company managers who serve on the company's board of directors are known as ____.






28. Exchange of value between parties






29. Choosing one alternative from among several options






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






31. Corporation whose stock is widely held and available for sale to the general public






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






33. All the operating expenses associated with marketing goods or services






34. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






35. Advertising designed to encourage customers to try new products or to switch brands






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






37. A short - specific written statement of the reason a business exists and what it wants to achieve.






38. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






39. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






40. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






42. 12 month accounting period that begins on January 1 and ends on December 31






43. Making a product available at a convenient time






44. Organization for economic - social - and security cooperation among European nations






45. Business owned and usually operated by one person who is responsible for all its debts






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






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






48. Assets = liabilities + owner's equity






49. Form of a corporation spanning national boundaries






50. Using relative information to predict how many jobs will be needed