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. The four key elements of marketing strategy: product - price - distribution - and promotion






2. Managers and workers cooperating as a team






3. Brands owned by the manufacturers and distributed nationally






4. Offering a temporary reduction in price






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






6. Lots of leeway to workers to meet goals






7. Court-granted permission for a company to not pay some or all debts






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






9. Economy in which individuals control production and allocation decisions through supply and demand






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






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






12. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






13. Current assets minus current liabilities






14. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






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






17. Process of dealing with employees who are represented by a union






18. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






19. 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






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






21. In bookkeeping - an increase in assets






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






23. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






24. Unwelcome sexual advances in the workplace






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






26. Top management team of a corporation






27. Positive reinforcement - negative reinforcement - punishment






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






29. Customer value added by making a product available at a convenient time






30. The purchase of one company by another






31. Behavior exhibited by consumers as they consider - select - and purchase goods and services






32. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






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






35. Alternative plans to be implemented if uncontrollable event occur






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






37. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






38. Portion of a brand that cannot be expressed verbally






39. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






41. A series of related products offered by a firm






42. Occurs when two companies form one corporation






43. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






45. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






46. Corporation whose stock is held by only a few people and is not available for sale to the general public






47. Management process of guiding and motivating employees to meet an organization's objectives






48. Process through which a manager allocates work to subordinates






49. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






50. The total quantity and quality of goods and services people can purchase with the currency used in their economic system