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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. Type of partnership consisting of limited partners and a general (or active) partner






2. The process of comparing an organization's products or services and processes with those of another companies






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






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






5. Selling or supporting the sales process over the telephone






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






7. Vying among businesses for the same resources or customers






8. Top management team of a corporation






9. 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






10. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






11. Organization's methods for dealing with emergencies






12. Elimination of rules that restrict business activity






13. A document - generally issued by a state government - giving permission to start a corporation






14. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






15. Discount offered by producers to wholesalers and retailers






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






17. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






18. Location






19. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






20. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






21. Product - price - distribution - customer communication

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






23. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






24. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






25. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






26. Making a product available at a convenient time






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






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






29. Managers and workers cooperating as a team






30. Applying a successful brand name to a new product category






31. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






33. Communications channels - such as newspapers - radio - and television






34. Introductory stage - growth stage - maturity stage - decline stage






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






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






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






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






39. Offering a temporary reduction in price






40. Product made or grown abroad but sold domestically






41. Marketing efforts to attract people and organizations to a particular geographical area






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






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






44. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






45. Advertising designed to encourage customers to try new products or to switch brands






46. Provides protection for the product - makes products easier to display - and attracts attention






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






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






49. 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






50. 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







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Can you answer 50 questions in 15 minutes?


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