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. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






2. 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






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






4. A prolonged and deep recession






5. Illegal practice of using special knowledge about a firm for profit or gain






6. Delegating more power to employees






7. Payments other than wages or salaries - other benefits






8. Top management team of a corporation






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






10. Where products are conveniently placed for customers






11. Portion of a brand that cannot be expressed verbally






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






13. Process for evaluating proposed investments in select projects that provide the best long-term financial return






14. Management process of monotoring an organization's performance to ensure that it is meeting its goals






15. profitability - liquidity - activities - and leverage/debt






16. Markets focus on increasing the product's market share






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






18. Goal set for an extended time - typically 5 years or more in the future






19. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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






21. Statement of a firm's financial position on a particular date; also known as a statement of financial position






22. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






23. Products characterized by a plain label - with no advertising and no brand name






24. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






25. Court-granted permission for a company to not pay some or all debts






26. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






27. Changes the form of material so they can be consumed or used to manufacture other products






28. Advertising intended to remind existing customers of a product's availability and benefits






29. Intermediary who sells products to other businesses for resale to final consumers






30. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






31. Electronic media that invite participation by the general public






32. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






33. 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






34. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






35. Choosing one alternative from among several options






36. The willingness and ability of buyers to purchase a good or service






37. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






38. Changing jobs or tasks from time to time






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






40. Money paid to acquire something of permanent value in a business






41. Intermediary who sells products directly to consumers






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






43. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






44. Motivator and hygiene factors need to be met to prevent dissatisfaction

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45. When organizations change raw materials into finished goods






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






47. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






49. Obligation employees have to their manager for the successful completion of an assigned task






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