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. Customer value created when someone takes ownership of a product






2. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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






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






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






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






7. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






8. Nonsales communication that businesses have with their various audiences






9. Something produced by the intellect or mind that has commercial value






10. A prolonged and deep recession






11. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met


12. Building a specific and unique product to meet the needs of one consumer






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






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






15. Lots of leeway to workers to meet goals






16. Stocks - bonds - and other investments that can be turned into cash quickly






17. Roles of shareholders - directors - and other managers in corporate decision making and accountability






18. A sustained increase in the general level of prices






19. The action of ensuring that operations produce products that meet specific quality standards






20. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






21. Process of dealing with employees who are represented by a union






22. Product made or grown abroad but sold domestically






23. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






26. Making decisions without consulting anyone






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






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






29. Ratios that measure the effectiveness of the firm's use of its resources






30. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






31. People are lazy






32. 12 month accounting period that begins on January 1 and ends on December 31






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






34. Larger visual and multimedia ads that appear on websites






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






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






37. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






38. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






39. 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






40. Method of calculating the minimum volume of sales needed at a given price to cover all costs






41. Sales promotion aimed at final consumers






42. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






43. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






44. Manager responsible for supervising the work of employees






45. Objective that a business hopes and plans to achieve






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






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






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






49. The company founder is no longer solely responsible for all decision making during the ____.






50. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors