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. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






2. A short - specific written statement of the reason a business exists and what it wants to achieve.






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






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






5. Media: news release; audience: broad - intensity: passive - active; purpose: inform






6. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






7. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






9. A measure of the sensitivity of demand to changes in price






10. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






11. Electronic media that invite participation by the general public






12. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






13. Advertising sent directly to potential customers - usually through the mail






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






15. Effective acquisition and use of money






16. Obligations that must be next within a year






17. Brands that have been given legal protection so that their owners have exclusive rights to their use






18. Economic system that allows individuals to pursue their own interests without undue governmental restriction






19. A period during which aggregate output - as measured by GDP - declines






20. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






21. Business costs that increase with the number of units produced






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






23. 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






24. When a task is too time consuming for a manager to handle alone - he or she may ____.






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






26. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






27. Market or industry characterized by numerous small firms producing an identical product






28. 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






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






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






31. Economy in which individuals control production and allocation decisions through supply and demand






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






33. Cost of goods sold = beginning inventory + net purchases - ending inventory






34. Strategy in which two or more organizations collaborate on a project for mutual gain






35. Organization's methods for dealing with emergencies






36. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






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






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






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






40. Cash and items that can be turned into cash within one year






41. Customer value added by making a product available at a convenient time






42. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






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






44. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






45. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






46. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






47. Informal work groups can affect ____.






48. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






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