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. 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






2. Location






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






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






5. Codified rules of behavior enforced by society






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






7. 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






8. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






9. Applying a successful brand name to a new product category






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






11. Categorization of customers according to their geographical location






12. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






13. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






15. Claims against a firm's assets by creditors - such as banks and suppliers






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






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






18. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






20. Roles of shareholders - directors - and other managers in corporate decision making and accountability






21. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






23. 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.






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






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






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






27. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






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






30. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






31. The company founder is no longer solely responsible for all decision making during the ____.






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






33. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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34. Customer value added by making a product available in a convenient location






35. People are lazy






36. Sales promotion aimed at final consumers






37. The combined use of tactical and strategic management






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






39. Advertising intended to remind existing customers of a product's availability and benefits






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






41. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






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






44. Group of small investors who invest money in companies with rapid growth potential






45. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






47. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






48. The price of your nation's currency is in terms of another nation's currency






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






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







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Can you answer 50 questions in 15 minutes?


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