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. Management process of guiding and motivating employees to meet an organization's objectives






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






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






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






5. Goal set for the very near future






6. Manager responsible for implementing the strategies and working toward the goals set by top managers






7. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






8. Lots of leeway to workers to meet goals






9. Applying a successful brand name to a new product category






10. Customer value created by converting raw materials and other inputs into finished goods and services






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






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






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






14. Objective that a business hopes and plans to achieve






15. 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






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






17. Arises when group members recognize that the leader has special expertise in the area






18. 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






19. Legal principal holding owners responsible for paying off all debts of a business






20. Larger visual and multimedia ads that appear on websites






21. Making a product available at a convenient time






22. Planned economic system in which the government owns and operates only selected major sources of production






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






24. Assets = liabilities + owner's equity






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






26. Expensive - rarely purchased good or service






27. Assets - liabilities = owner's equity

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






29. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






31. Obligations that must be next within a year






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






33. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






34. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






36. Changing jobs or tasks from time to time






37. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






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






40. External statistical descriptors such as age - income - gender - and profession






41. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






43. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






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






46. 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






47. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






48. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests