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. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






2. Results from the leader's ability to give or withhold rewards






3. Changing jobs or tasks from time to time






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






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






6. Assets = liabilities + owner's equity






7. Form of nonstore retailing in which the telephone is used to sell directly to consumers






8. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






9. Goal set for an extended time - typically 5 years or more in the future






10. The level of joblessness among people actively seeking work in an economic system






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






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






13. The way a manager teats and directs employees






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






15. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






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






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






19. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






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






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






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






23. 12 month accounting period that begins on January 1 and ends on December 31






24. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






25. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






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






28. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






29. Process by which the world is becoming a single interdependent system






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






31. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






32. 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






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






34. Act of obtaining a desired object or services from another party by offering something of value in return






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






36. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






38. The way you live as measure by the kinds and quality of goods and services you can afford






39. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






40. Strategy in which two or more organizations collaborate on a project for mutual gain






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






42. Direct communication other than personal sales contacts designed to effect a measurable response






43. Offering a temporary reduction in price






44. Somethings needed by a community and provided by its government






45. Organization for economic - social - and security cooperation among European nations






46. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






47. The creation and sharing of product-related information among customers and potential customers






48. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






49. Characteristic of centralized companies with multiple layers of management






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