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. Study of statistical characteristics of a population






2. The state of being certain that adverse effects will not be caused by some agent under defined conditions






3. The quantity of a good that an average worker can produce in an hour






4. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






5. The way a manager teats and directs employees






6. Owner of shares of stock in a corporation






7. Law made by the authority of administrative agencies






8. Amounts that are currently due to a company






9. Managers and workers cooperating as a team






10. Making a product available at a convenient time






11. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






13. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






14. Costs created in the process of generating revenues






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






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






17. Agreement to produce and market another company's product in exchange for a royalty or fee






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






19. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






21. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






22. Product - price - distribution - customer communication

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23. Pricing selling one product at a loss as a way to entice customers to consider other products






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






25. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






26. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






27. Occurs when two companies form one corporation






28. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






29. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






30. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






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






32. Product development stage in which a product is sold on a limited basis - a trial introduction






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






34. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






35. Positive reinforcement - negative reinforcement - punishment






36. Continually adjusting prices to reflect changes in supply and demand






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






38. Informal work groups can affect ____.






39. Difference of revenues - costs - and profit from the planned amounts.






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






41. The willingness and ability of buyers to purchase a good or service






42. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






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






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






46. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






47. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






49. 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






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