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






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






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






4. Informal work groups can affect ____.






5. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






6. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






8. Codified rules of behavior enforced by society






9. Illegal practice of using special knowledge about a firm for profit or gain






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






11. Group of small investors who invest money in companies with rapid growth potential






12. Electronic media that invite participation by the general public






13. Intermediary who sells products directly to consumers






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






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






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






17. Owner of shares of stock in a corporation






18. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






20. Management process of determining what an organization needs to do and how best to get it done






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






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






23. This law guards against false advertising.






24. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






26. Market or industry in which there is only one producer that can therefore set the prices on all of its products






27. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






28. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






30. External statistical descriptors such as age - income - gender - and profession






31. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






33. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






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






35. Introductory stage - growth stage - maturity stage - decline stage






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






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






38. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






40. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






41. 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.






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






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






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






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






46. Physical products purchased by companies to produce other products






47. The action of ensuring that operations produce products that meet specific quality standards






48. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






50. Ratio between net income after taxes and net sales; also known as profit margin