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






2. Study of statistical characteristics of a population






3. Mix of people in organizations in terms of essential/demographic status






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






5. Cost of producing or acquiring a company's products for sale during a given period






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






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






8. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






9. Authority granted to committees or teams involved in a firm's daily operations






10. Ethical or unethical behaviors by employees in the context of their jobs






11. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






13. Systems for moving goods and services from producers to customers; also known as marketing channels






14. Manager responsible for supervising the work of employees






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






16. Assets = liabilities + owner's equity






17. Brand awareness - brand preference - brand insistence






18. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






20. Portion of a brand that cannot be expressed verbally






21. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






22. Informal communication between customers and potential customers






23. Any 12 consecutive months used as an accounting period






24. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






25. Large-scale production and distribution of a product






26. Costs created in the process of generating revenues






27. 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






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






29. Managers and workers cooperating as a team






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






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






32. A firm's portion of the total sales in a market






33. A forecast of financial requirements and the financing sources to be used






34. 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






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






36. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






37. Inexpensive good or service purchased and consumed rapidly and regularly






38. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






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






41. 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






42. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






44. Occurs when widespread price increases occur throughout an economic system






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






46. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






47. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






49. The way a manager teats and directs employees






50. Difference of revenues - costs - and profit from the planned amounts.