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






2. Acquiring funds through borrowing






3. People are internally motivated






4. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






5. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






7. Form of a corporation spanning national boundaries






8. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






10. An action is morally correct - when - among the people it affects...






11. Lots of leeway to workers to meet goals






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






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






14. Creating a flatter organization structure normally cutting out middle management






15. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






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






17. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






19. Something produced by the intellect or mind that has commercial value






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






21. The ability to get others to accoplish tasks because of the position the leader holds






22. Any 12 consecutive months used as an accounting period






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






24. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






25. Organization's methods for dealing with emergencies






26. Product made or grown abroad but sold domestically






27. Informal communication between customers and potential customers






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






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






30. Discount offered by producers to wholesalers and retailers






31. Products characterized by a plain label - with no advertising and no brand name






32. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






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






35. Managers who develop and implement a complete strategy and marketing program for specific products or brands






36. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






37. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






38. Making a product available at a convenient time






39. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






40. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






41. The act of transferring net revenue and expense account balances to retained earnings for the period






42. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






43. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






44. 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






45. Expensive - rarely purchased good or service






46. In a ____ authority originates at the top and moves downward in a line.






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






48. Selling or supporting the sales process over the telephone






49. All costs of operation that are not included under cost of goods sold






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