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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. Market or industry in which there is only one producer that can therefore set the prices on all of its products






2. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






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






5. 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






6. The purchase of one company by another






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






8. Managers and workers cooperating as a team






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






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






12. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






13. Manager responsible for implementing the strategies and working toward the goals set by top managers






14. Form - time - place - possession






15. A short - specific written statement of the reason a business exists and what it wants to achieve.






16. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






17. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






19. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






20. Physical products purchased by consumers for personal use






21. Amounts that are currently due to a company






22. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






24. Discount offered by producers to wholesalers and retailers






25. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






26. The quantity of a good that an average worker can produce in an hour






27. 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






28. Product made or grown abroad but sold domestically






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






30. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






32. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






33. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






35. The way a manager teats and directs employees






36. Delegating more power to employees






37. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






38. Product development stage in which a product is sold on a limited basis - a trial introduction






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






40. Strategy in which two or more organizations collaborate on a project for mutual gain






41. Claims against a firm's assets by creditors - such as banks and suppliers






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






43. Characteristic of decentralized companies with relatively few layers of management






44. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






45. Product made or grown domestically but sold abroad






46. Online ads that are linked to search engine results or website content






47. Using relative information to predict how many jobs will be needed






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






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






50. Informal work groups can affect ____.







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Can you answer 50 questions in 15 minutes?


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