Test your basic knowledge |

Business Fundamentals

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. A business that grows products or takes raw material from nature

2. A Theory Y manager is most likely to ____.

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

4. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

5. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates

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

7. Obligations that must be next within a year

8. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer

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

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

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

12. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts

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

14. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date

15. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers

16. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

17. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments

18. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices

19. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.

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

21. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it

22. Choosing one alternative from among several options

23. Organization's statement of how it will achieve its purpose in the environment in which it conducts business

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

25. When a task is too time consuming for a manager to handle alone - he or she may ____.

26. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing

27. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations

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

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

30. The amount of money charged for a product or service

31. Top manager who is responsible for the overall performance of a corporation

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

33. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period

34. Where products are conveniently placed for customers

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

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

37. Law created by consistitution(s) or by federal - state - or local legislative acts

38. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.

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

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

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

42. Goal set for the very near future

43. Process through which a manager allocates work to subordinates

44. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products

45. Group of small investors who invest money in companies with rapid growth potential

46. Method of combining geographical data with demographic data to develop profiles of neighborhood segments

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

48. Compensation other than wages and salaries

49. Takes the extractor's products or raw materials and changs the into a form that consumers can use

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