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






2. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






3. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






4. The purchase of one company by another






5. Court-granted permission for a company to not pay some or all debts






6. Where products are conveniently placed for customers






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






8. Cost of producing or acquiring a company's products for sale during a given period






9. Identification and marketing of a social issues - cause - or idea to selected target markets






10. Money paid to acquire something of permanent value in a business






11. Market or industry characterized by numerous small firms producing an identical product






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






13. Large-scale production and distribution of a product






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






15. Pricing selling one product at a loss as a way to entice customers to consider other products






16. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






18. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






20. A measure of the sensitivity of demand to changes in price






21. Business costs that remain constant regardless of the number of units produced






22. Acquiring funds through borrowing






23. Assets - liabilities = owner's equity

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24. A sustained increase in the general level of prices






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






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






27. Delegating more power to employees






28. 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






29. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






30. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






32. An increase in liabilities






33. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






34. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






36. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






37. The process of comparing an organization's products or services and processes with those of another companies






38. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






39. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






40. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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






42. Customer value created when someone takes ownership of a product






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






44. Activities needed to move a product efficiently from manufacturer to consumer






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






46. Choosing one alternative from among several options






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






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






49. 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






50. Organization's methods for dealing with emergencies







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Can you answer 50 questions in 15 minutes?


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