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. Compensation other than wages and salaries






2. Mechanism for exchange between buyers and sellers of a particular good or service






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






4. profitability - liquidity - activities - and leverage/debt






5. Product made or grown domestically but sold abroad






6. ____ 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






7. 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






8. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






9. Portion of a brand that cannot be expressed verbally






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






11. When a task is too time consuming for a manager to handle alone - he or she may ____.






12. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






13. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






15. Corporation whose stock is widely held and available for sale to the general public






16. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






17. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






18. A Theory Y manager is most likely to ____.






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






20. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






22. Reporting relationships within a company






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






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






25. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






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






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






29. Unwelcome sexual advances in the workplace






30. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






31. An action is morally correct - when - among the people it affects...






32. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






33. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






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






35. Law made by the authority of administrative agencies






36. Top management team of a corporation






37. All the operating expenses associated with marketing goods or services






38. Brands owned by the manufacturers and distributed nationally






39. 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






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






41. Vying among businesses for the same resources or customers






42. Ratio between net income after taxes and total owners' equity; also known as return on equity






43. Marketing efforts to attract people and organizations to a particular geographical area






44. People are lazy






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






46. Creating a flatter organization structure normally cutting out middle management






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






48. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






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