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. Ratio between net income after taxes and total owners' equity; also known as return on equity






2. Results from the leader's ability to give or withhold rewards






3. Introductory stage - growth stage - maturity stage - decline stage






4. Unwelcome sexual advances in the workplace






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






6. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






7. Obligations that must be next within a year






8. 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






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






10. The quantity of a good that an average worker can produce in an hour






11. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






13. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






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






16. Selling or supporting the sales process over the telephone






17. Specification of the jobs to be done within an organization and the ways in which they relate to one another






18. Motivator and hygiene factors need to be met to prevent dissatisfaction

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19. Selling method in which the price is set by customers bidding against each other






20. 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






21. Assets = liabilities + owner's equity






22. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






25. Product made or grown domestically but sold abroad






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






27. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






28. Ratios that measure a firm's reliance on debt financing of its operations






29. Goal set for an extended time - typically 5 years or more in the future






30. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






31. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






32. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






33. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






35. Study of statistical characteristics of a population






36. Nonsales communication that businesses have with their various audiences






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






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






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






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






41. Offering a temporary reduction in price






42. The way a manager teats and directs employees






43. Somethings needed by a community and provided by its government






44. Expensive - rarely purchased good or service






45. A leadership style where the manager is directive and controlling






46. The action of ensuring that operations produce products that meet specific quality standards






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






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






49. Economic system that allows individuals to pursue their own interests without undue governmental restriction






50. The amount of money charged for a product or service







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Can you answer 50 questions in 15 minutes?


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