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






2. Making a product available at a convenient time






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






4. Exchange of value between parties






5. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






7. Offering several products for a single price that is presumably lower than the total of the products' individual prices






8. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






9. When a task is too time consuming for a manager to handle alone - he or she may ____.






10. Assets - liabilities = owner's equity

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11. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






12. Good or service used as the basis of commerce






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






14. The state of being certain that adverse effects will not be caused by some agent under defined conditions






15. Customer value added by making a product available at a convenient time






16. Small software programs that provide part of the functionality of a website






17. Process of scanning the business environment for threats and opportunities






18. Larger visual and multimedia ads that appear on websites






19. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






20. 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






21. The combined use of tactical and strategic management






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






23. Using relative information to predict how many jobs will be needed






24. Skills in defining problems and selecting the best courses of action






25. Changes the form of material so they can be consumed or used to manufacture other products






26. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






28. Alternative plans to be implemented if uncontrollable event occur






29. Corporation whose stock is widely held and available for sale to the general public






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






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






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






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






34. Industry in which one company can most efficiently supply all needed goods or services






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






36. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






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






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






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






41. Partner who actively manages a firm and who has unlimited liability for its debts






42. Personal communication between a seller and one or more potential buyers






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






44. Continually adjusting prices to reflect changes in supply and demand






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






46. Business owned and usually operated by one person who is responsible for all its debts






47. A prolonged and deep recession






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






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






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