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






2. Law created by consistitution(s) or by federal - state - or local legislative acts






3. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






4. 12 month accounting period that begins on January 1 and ends on December 31






5. Discount offered by producers to wholesalers and retailers






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






7. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






9. Owner of shares of stock in a corporation






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






11. Stocks - bonds - and other investments that can be turned into cash quickly






12. Markets focus on increasing the product's market share






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






14. Process of scanning the business environment for threats and opportunities






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






16. Selling method in which the price is set by customers bidding against each other






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






18. Product that is dissimilar from those of competitors but than can fulfill the same need






19. Larger visual and multimedia ads that appear on websites






20. Offering a temporary reduction in price






21. The ability to get others to accoplish tasks because of the position the leader holds






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






23. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






24. Selling one product at a loss as a way to entice customers to consider other products






25. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






26. Beliefs about what is right or wrong and good or bad in actions that affect others






27. A short - specific written statement of the reason a business exists and what it wants to achieve.






28. Sales volume at a given price that will cover all of a company's costs






29. Power to make the decisions necessary to complete a task






30. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






31. In bookkeeping - an increase in assets






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






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






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






35. The amount of money charged for a product or service






36. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






38. Occurs when widespread price increases occur throughout an economic system






39. Codified rules of behavior enforced by society






40. A group of customer who need or want a particular product and have the money to buy it






41. Choosing one alternative from among several options






42. Planned economic system in which the government owns and operates only selected major sources of production






43. A document - generally issued by a state government - giving permission to start a corporation






44. Costs created in the process of generating revenues






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






46. A sustained increase in the general level of prices






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






48. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






49. The willingness and ability of buyers to purchase a good or service






50. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers