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. Being accountable or being able to justify an action






2. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






3. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






5. Goal set for the very near future






6. Management process of guiding and motivating employees to meet an organization's objectives






7. The price of your nation's currency is in terms of another nation's currency






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






9. Process through which a manager allocates work to subordinates






10. Ethical or unethical behaviors by employees in the context of their jobs






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






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






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






14. Mechanism for exchange between buyers and sellers of a particular good or service






15. Intermediary who sells products to other businesses for resale to final consumers






16. A detailed series of related steps or tasks written to implement a policy is called a ____.






17. Delegating more power to employees






18. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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






21. Manager responsible for supervising the work of employees






22. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






23. Markets focus on increasing the product's market share






24. The level of joblessness among people actively seeking work in an economic system






25. Activities needed to move a product efficiently from manufacturer to consumer






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






27. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






28. Informal work groups can affect ____.






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






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






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






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






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






34. Assets - liabilities = owner's equity

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35. 12 month accounting period that begins on January 1 and ends on December 31






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






37. Reporting relationships within a company






38. Strategy whereby a firm sells one or more of its business units






39. The collection and analysis of information for making marketing decisions






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






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






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






43. Occurs when two companies form one corporation






44. A business firm that does things for you instead of making or makerting products






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






46. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






47. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






49. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






50. Organization's methods for dealing with emergencies