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






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






3. Confusion results if a person reports to two people at once - according to ____.






4. Provides protection for the product - makes products easier to display - and attracts attention






5. Assets = liabilities + owner's equity






6. When organizations change raw materials into finished goods






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






8. Introductory stage - growth stage - maturity stage - decline stage






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






10. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






11. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






12. Difference of revenues - costs - and profit from the planned amounts.






13. 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.






14. Manager responsible for supervising the work of employees






15. Complete list of all products that a company offers for sale






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






17. Amounts that are currently due to a company






18. The movement of an economy from one condition to another and back again






19. Occurs when widespread price increases occur throughout an economic system






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






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






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






23. One seller of a product - denies people competition and is against the law (They can typically raise prices)






24. Specific customer groups or segments to whom a company wants to sell a particular product






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






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






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






28. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






29. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






31. 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






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






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






34. Internal descriptors such as attitudes - interests - values - behaviors - and habits






35. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






36. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






37. Manager responsible for a firm's overall performance and effectiveness






38. A firm's portion of the total sales in a market






39. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






40. Changing jobs or tasks from time to time






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






42. Codified rules of behavior enforced by society






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






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






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






46. Claims against a firm's assets by creditors - such as banks and suppliers






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






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






49. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






50. Something that the employee dislikes is taken away