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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






2. Mechanism for exchange between buyers and sellers of a particular good or service






3. Lots of leeway to workers to meet goals






4. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






5. A business that is involvec with moving goods from producers to consumers






6. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






7. Mix of people in organizations in terms of essential/demographic status






8. The company founder is no longer solely responsible for all decision making during the ____.






9. Promotional campaigns that send information only to those people who've specifically asked to receive it






10. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






12. Sales promotion aimed at final consumers






13. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






15. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






16. The ability to carry out a task






17. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






19. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






20. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






22. Formal agreement to set prices. Sometimes illegal - but is typically secretive






23. A sustained increase in the general level of prices






24. Objective that a business hopes and plans to achieve






25. Ethical or unethical behaviors by employees in the context of their jobs






26. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






28. Effective acquisition and use of money






29. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






30. Costs created in the process of generating revenues






31. Power of a good or services to satisfy a human need






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






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






34. Small software programs that provide part of the functionality of a website






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






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






37. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






38. Good or service used as the basis of commerce






39. Characteristic of centralized companies with multiple layers of management






40. Payments other than wages or salaries - other benefits






41. Business owned and usually operated by one person who is responsible for all its debts






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






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






44. Intermediary who sells products directly to consumers






45. Law made by the authority of administrative agencies






46. Occurs when two companies form one corporation






47. A series of related products offered by a firm






48. 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.






49. Brands owned by the manufacturers and distributed nationally






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