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






2. Expensive - rarely purchased good or service






3. Diagram depicting a company's structure and showing employees where they fit into its operations






4. Process of converting government enterprises into privately owned companies






5. The combined use of tactical and strategic management






6. Being accountable or being able to justify an action






7. Marketers focus on stimulating demand for the new product






8. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






9. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






10. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






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






12. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






14. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






15. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






16. Brands owned by the manufacturers and distributed nationally






17. 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






18. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






20. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






22. Authority granted to committees or teams involved in a firm's daily operations






23. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






24. The degree to which customers continue to purchase a specific brand






25. Mix of people in organizations in terms of essential/demographic status






26. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






28. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






29. Process through which a manager allocates work to subordinates






30. Break-even point = fixed costs/ (selling price - variable costs per unit)






31. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






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






33. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






36. Form of nonstore retailing in which the telephone is used to sell directly to consumers






37. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






38. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






39. ____ 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






40. 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






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






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






43. The level of joblessness among people actively seeking work in an economic system






44. Top manager who is responsible for the overall performance of a corporation






45. Market or industry characterized by numerous small firms producing an identical product






46. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






47. 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






48. Characteristic of decentralized companies with relatively few layers of management






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






50. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity