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






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






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






4. The purchase of one company by another






5. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






7. All costs of operation that are not included under cost of goods sold






8. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






9. A business that is involvec with moving goods from producers to consumers






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






11. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






12. Large-scale production and distribution of a product






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






14. 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






15. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






17. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






18. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






20. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






21. Customer value created when someone takes ownership of a product






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






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






24. Reporting relationships within a company






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






26. The act of transferring net revenue and expense account balances to retained earnings for the period






27. Where products are conveniently placed for customers






28. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






29. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






30. Alternative plans to be implemented if uncontrollable event occur






31. Larger visual and multimedia ads that appear on websites






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






33. Form of nonstore retailing in which the telephone is used to sell directly to consumers






34. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






35. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






36. 12 month accounting period that begins on January 1 and ends on December 31






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






38. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






40. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






42. Making decisions without consulting anyone






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






44. The combined use of tactical and strategic management






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






46. Individuals or households that buy goods and services for personal use






47. Internal descriptors such as attitudes - interests - values - behaviors - and habits






48. Informal communication between customers and potential customers






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






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