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. Occurs when widespread price increases occur throughout an economic system






2. A Theory Y manager is most likely to ____.






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






4. Introductory stage - growth stage - maturity stage - decline stage






5. Rewarded for good performance; something the employee likes is praised






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






7. Owner of shares of stock in a corporation






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






9. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






10. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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11. Acquiring funds by selling shares of a company's stock






12. Break-even point = fixed costs/ (selling price - variable costs per unit)






13. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






14. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






15. Transferring work to another country






16. Type of partnership consisting of limited partners and a general (or active) partner






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






18. Postsales reductions in price - must be applied for by the purchaser






19. Bar codes on product packages that provide information read by optical scanners






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






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






22. Illegal practice of using special knowledge about a firm for profit or gain






23. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






24. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






25. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






27. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






28. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






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






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






31. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






32. Process through which a manager allocates work to subordinates






33. Corporation whose stock is held by only a few people and is not available for sale to the general public






34. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






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






36. Costs created in the process of generating revenues






37. Obligations that must be next within a year






38. Economy in which individuals control production and allocation decisions through supply and demand






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






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






41. The four key elements of marketing strategy: product - price - distribution - and promotion






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






43. Selling or supporting the sales process over the telephone






44. Process of dealing with employees who are represented by a union






45. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






47. Individuals or households that buy goods and services for personal use






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






49. 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






50. A forecast of financial requirements and the financing sources to be used