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 movement of an economy from one condition to another and back again






2. Good or service used as the basis of commerce






3. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






5. A business that grows products or takes raw material from nature






6. Manager responsible for implementing the strategies and working toward the goals set by top managers






7. A series of related products offered by a firm






8. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






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






10. A sustained increase in the general level of prices






11. Method of calculating the minimum volume of sales needed at a given price to cover all costs






12. Group of small investors who invest money in companies with rapid growth potential






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






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






15. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






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






17. Study of statistical characteristics of a population






18. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






19. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






20. Informal work groups can affect ____.






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






22. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






23. 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






24. Form of a corporation spanning national boundaries






25. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






26. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






27. Cost of producing or acquiring a company's products for sale during a given period






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






29. Reporting relationships within a company






30. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






31. 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






32. Objective that a business hopes and plans to achieve






33. Categorization of customers according to their geographical location






34. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






36. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






37. 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






38. The action of ensuring that operations produce products that meet specific quality standards






39. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






41. Offering a temporary reduction in price






42. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






43. Manager responsible for a firm's overall performance and effectiveness






44. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






45. Customer value created when someone takes ownership of a product






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






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






48. Partnership between two or more companies to closely link their brand names together for a single product






49. Process through which a manager allocates work to subordinates






50. Current assets minus current liabilities







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Can you answer 50 questions in 15 minutes?


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