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. Characteristic of decentralized companies with relatively few layers of management






2. Location






3. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






5. A large number of identical products are assembled using a continuous - efficient procedure






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






7. Body of decisions handed down by courts ruling on individual cases






8. Provides protection for the product - makes products easier to display - and attracts attention






9. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






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






11. Alternative plans to be implemented if uncontrollable event occur






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






13. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






14. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






15. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






16. Any 12 consecutive months used as an accounting period






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






18. Intermediary who sells products to other businesses for resale to final consumers






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






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






21. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






22. 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






23. Transferring work to another country






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






25. The union of two corporations to form a new corporation






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






27. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






28. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






30. The four key elements of marketing strategy: product - price - distribution - and promotion






31. People are lazy






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






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






34. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






35. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






36. 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.






37. This law guards against false advertising.






38. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






39. Current assets minus current liabilities






40. Legal principal holding owners responsible for paying off all debts of a business






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






42. The price of your nation's currency is in terms of another nation's currency






43. Categorization of customers according to their geographical location






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






45. Assets = liabilities + owner's equity






46. 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






47. Small groups in the same work area that have scheduled meetings about problems and how to fix them






48. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






50. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer