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. Results from the leader's ability to give or withhold rewards






2. Sales promotion aimed at final consumers






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






4. Amounts that are currently due to a company






5. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






7. Transferring work to another country






8. 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






9. Use a brand name on a variety of related products






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






11. Offering a temporary reduction in price






12. Product - price - distribution - customer communication

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13. Charging a high price for a new product during the introductory stage and lowering the price later






14. Law made by the authority of administrative agencies






15. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






16. Claims against a firm's assets by creditors - such as banks and suppliers






17. A series of related products offered by a firm






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






19. Selling or supporting the sales process over the telephone






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






21. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






22. Body of decisions handed down by courts ruling on individual cases






23. The state of being certain that adverse effects will not be caused by some agent under defined conditions






24. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






26. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






27. The amount of money charged for a product or service






28. Occurs when two companies form one corporation






29. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






30. Bar codes on product packages that provide information read by optical scanners






31. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






33. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






34. Selling one product at a loss as a way to entice customers to consider other products






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






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






37. A business that grows products or takes raw material from nature






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






39. In a ____ authority originates at the top and moves downward in a line.






40. A prolonged and deep recession






41. 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






42. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






44. Online ads that are linked to search engine results or website content






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






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






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






48. Process of converting government enterprises into privately owned companies






49. Unwelcome sexual advances in the workplace






50. A detailed series of related steps or tasks written to implement a policy is called a ____.






Can you answer 50 questions in 15 minutes?



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