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. Exchange of value between parties






2. Alternative plans to be implemented if uncontrollable event occur






3. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






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






5. Being accountable or being able to justify an action






6. Small groups in the same work area that have scheduled meetings about problems and how to fix them






7. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






8. Cost of producing or acquiring a company's products for sale during a given period






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






10. Selling or supporting the sales process over the telephone






11. Unwelcome sexual advances in the workplace






12. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






13. Process of dealing with employees who are represented by a union






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






15. Informal work groups can affect ____.






16. Transferring work to another country






17. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






18. A group of customer who need or want a particular product and have the money to buy it






19. Arises when group members recognize that the leader has special expertise in the area






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






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






22. Product that is dissimilar from those of competitors but than can fulfill the same need






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






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






25. The value that a company has built up in a brand






26. Positive reinforcement - negative reinforcement - punishment






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






28. Changing jobs or tasks from time to time






29. This law guards against false advertising.






30. Diagram depicting a company's structure and showing employees where they fit into its operations






31. Product made or grown domestically but sold abroad






32. Stocks - bonds - and other investments that can be turned into cash quickly






33. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






34. Inexpensive good or service purchased and consumed rapidly and regularly






35. Law made by the authority of administrative agencies






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






37. An increase in liabilities






38. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






39. 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






40. Process of converting government enterprises into privately owned companies






41. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






43. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






44. The company founder is no longer solely responsible for all decision making during the ____.






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






46. Objective that a business hopes and plans to achieve






47. This level of management includes department heads and district sales managers.






48. Planned economic system in which the government owns and operates only selected major sources of production






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






50. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement