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






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. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






5. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






7. Diagram depicting a company's structure and showing employees where they fit into its operations






8. Ratio between net income after taxes and net sales; also known as profit margin






9. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






11. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






12. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






13. Cost of goods sold = beginning inventory + net purchases - ending inventory






14. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






16. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






17. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






18. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






19. The combined use of tactical and strategic management






20. Systems for moving goods and services from producers to customers; also known as marketing channels






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






22. Brand awareness - brand preference - brand insistence






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






24. Product made or grown abroad but sold domestically






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






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






27. A prolonged and deep recession






28. A firm's portion of the total sales in a market






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






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






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






32. Roles of shareholders - directors - and other managers in corporate decision making and accountability






33. Internal descriptors such as attitudes - interests - values - behaviors - and habits






34. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






35. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






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






38. The degree to which customers continue to purchase a specific brand






39. Goal set for the very near future






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






41. Assets = liabilities + owner's equity






42. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






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






45. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






47. Acquiring funds through borrowing






48. Advertising designed to encourage customers to try new products or to switch brands






49. Managers and workers cooperating as a team






50. Top manager who is responsible for the overall performance of a corporation