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. In bookkeeping - an increase in assets






2. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






3. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






4. Something that the employee dislikes is taken away






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






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






7. Costs created in the process of generating revenues






8. Ethical or unethical behaviors by employees in the context of their jobs






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






10. The combined use of tactical and strategic management






11. Selling or supporting the sales process over the telephone






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






13. Large-scale production and distribution of a product






14. Objective that a business hopes and plans to achieve






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






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






17. Assets - liabilities = owner's equity

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18. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






19. A large number of identical products are assembled using a continuous - efficient procedure






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






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






22. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






24. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






26. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






27. 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






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






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






30. All costs of operation that are not included under cost of goods sold






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






32. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






33. Any 12 consecutive months used as an accounting period






34. Informal communication between customers and potential customers






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






36. Intermediary who sells products directly to consumers






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






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






39. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






40. A period during which aggregate output - as measured by GDP - declines






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






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






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






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






45. Changes the form of material so they can be consumed or used to manufacture other products






46. Categorization of customers according to their relationship with products or response to product characteristics






47. The creation and sharing of product-related information among customers and potential customers






48. Stems from personal trust and respect members have for the leader






49. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






50. Loss of brand identity and the cannibalization of sales of other products in the product line