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. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






2. Customer value created by converting raw materials and other inputs into finished goods and services






3. Vying among businesses for the same resources or customers






4. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






5. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






6. Difference of revenues - costs - and profit from the planned amounts.






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






8. Applying a successful brand name to a new product category






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






10. 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






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






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






13. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






14. A large number of identical products are assembled using a continuous - efficient procedure






15. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






16. Positive reinforcement - negative reinforcement - punishment






17. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






19. A leadership style where the manager is directive and controlling






20. Being accountable or being able to justify an action






21. Business costs that remain constant regardless of the number of units produced






22. Something that the employee dislikes is taken away






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






24. Product development stage in which a product is sold on a limited basis - a trial introduction






25. Brands owned by the manufacturers and distributed nationally






26. Effective acquisition and use of money






27. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






28. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






29. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






30. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






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






32. Introducing a new product at a low price in hopes of building sales volume quickly






33. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






34. Where products are conveniently placed for customers






35. Organization's methods for dealing with emergencies






36. Good or service used as the basis of commerce






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






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






39. Free or bargain-priced items offered to encourage customers to buy a product






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






41. Law made by the authority of administrative agencies






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






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






44. The way you live as measure by the kinds and quality of goods and services you can afford






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






46. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






47. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






48. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






49. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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