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






2. Sales volume at a given price that will cover all of a company's costs






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






4. Brands that have been given legal protection so that their owners have exclusive rights to their use






5. Formal agreement to set prices. Sometimes illegal - but is typically secretive






6. Informal work groups can affect ____.






7. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






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






10. Large-scale production and distribution of a product






11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






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






14. 12 month accounting period that begins on January 1 and ends on December 31






15. An extra amount of time granted to a party to make a payment






16. An increase in liabilities






17. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






18. ____ 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






19. The willingness and ability of buyers to purchase a good or service






20. profitability - liquidity - activities - and leverage/debt






21. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






22. Characteristic of centralized companies with multiple layers of management






23. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






24. All the operating expenses associated with marketing goods or services






25. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






26. Something that the employee dislikes is taken away






27. Physical products purchased by consumers for personal use






28. Systems for moving goods and services from producers to customers; also known as marketing channels






29. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






31. Authority granted to committees or teams involved in a firm's daily operations






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






33. The willingness and ability of producers to offer a good or service for sale






34. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






35. 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






36. A series of related products offered by a firm






37. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






38. Amounts that are currently due to a company






39. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






40. In bookkeeping - an increase in assets






41. Nonsales communication that businesses have with their various audiences






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






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






44. A period during which aggregate output - as measured by GDP - declines






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






46. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






47. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






48. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






50. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.