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. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






3. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






4. 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






5. Complete list of all products that a company offers for sale






6. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






8. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






9. Authority granted to committees or teams involved in a firm's daily operations






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






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






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






13. Making a product available at a convenient time






14. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






15. Agreement to produce and market another company's product in exchange for a royalty or fee






16. Organization for economic - social - and security cooperation among European nations






17. 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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18. Characteristic of centralized companies with multiple layers of management






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






20. Delegating more power to employees






21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






23. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






25. Stems from personal trust and respect members have for the leader






26. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






27. Process of converting government enterprises into privately owned companies






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






29. Confusion results if a person reports to two people at once - according to ____.






30. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






31. Customer value added by making a product available in a convenient location






32. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






33. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






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






36. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






38. Occurs when widespread price increases occur throughout an economic system






39. Pricing selling one product at a loss as a way to entice customers to consider other products






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






41. Assets = liabilities + owner's equity






42. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






44. Skills in defining problems and selecting the best courses of action






45. A forecast of financial requirements and the financing sources to be used






46. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






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






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






50. Method of combining geographical data with demographic data to develop profiles of neighborhood segments