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






2. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






4. The value that a company has built up in a brand






5. The ability to carry out a task






6. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






7. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






8. 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






9. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






10. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






11. Stems from personal trust and respect members have for the leader






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






13. A business that is involvec with moving goods from producers to consumers






14. The act of transferring net revenue and expense account balances to retained earnings for the period






15. Measures income earned on owners' investment - formula: Net income/total owners' equity






16. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






17. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






18. Senior company managers who serve on the company's board of directors are known as ____.






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






20. Cash and items that can be turned into cash within one year






21. Discount offered by producers to wholesalers and retailers






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






23. Strategy whereby a firm sells one or more of its business units






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






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






26. External statistical descriptors such as age - income - gender - and profession






27. Management process of determining what an organization needs to do and how best to get it done






28. Delegating more power to employees






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






30. Power of a good or services to satisfy a human need






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






32. Physical products purchased by consumers for personal use






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






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






35. Ethical or unethical behaviors by employees in the context of their jobs






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






37. Categorization of customers according to their relationship with products or response to product characteristics






38. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






39. Introductory stage - growth stage - maturity stage - decline stage






40. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






41. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






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






43. Electronic media that invite participation by the general public






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






45. This law guards against false advertising.






46. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






48. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






49. 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.






50. Goal set for the very near future