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. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






2. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






4. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






5. 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






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






7. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






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






10. Act of obtaining a desired object or services from another party by offering something of value in return






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






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






13. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






14. A document - generally issued by a state government - giving permission to start a corporation






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






16. A leadership style where managers are less directive and involved employees in decision making






17. Power to make the decisions necessary to complete a task






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






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






20. Obligations that must be next within a year






21. Postsales reductions in price - must be applied for by the purchaser






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






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






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






25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






26. Informal work groups can affect ____.






27. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






28. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






29. Managers who develop and implement a complete strategy and marketing program for specific products or brands






30. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






31. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






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






33. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






34. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






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






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






38. Top management team of a corporation






39. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






40. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






41. Mix of people in organizations in terms of essential/demographic status






42. The way a manager teats and directs employees






43. Process by which the world is becoming a single interdependent system






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






45. Form of a corporation spanning national boundaries






46. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






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






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






49. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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