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. Continually adjusting prices to reflect changes in supply and demand






2. The purchase of one company by another






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






4. The company founder is no longer solely responsible for all decision making during the ____.






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






6. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






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






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. The movement of an economy from one condition to another and back again






10. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






12. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






13. Elimination of rules that restrict business activity






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






15. Selling or supporting the sales process over the telephone






16. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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17. In a ____ authority originates at the top and moves downward in a line.






18. Customer value added by making a product available at a convenient time






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






20. Law made by the authority of administrative agencies






21. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






22. Court-granted permission for a company to not pay some or all debts






23. Markets focus on increasing the product's market share






24. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






26. Something produced by the intellect or mind that has commercial value






27. A business that grows products or takes raw material from nature






28. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






29. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






31. 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






32. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






34. Positive reinforcement - negative reinforcement - punishment






35. Acquiring funds by selling shares of a company's stock






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






37. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






40. External statistical descriptors such as age - income - gender - and profession






41. Specification of the jobs to be done within an organization and the ways in which they relate to one another






42. Lots of leeway to workers to meet goals






43. Formal agreement to set prices. Sometimes illegal - but is typically secretive






44. Costs created in the process of generating revenues






45. Market or industry characterized by numerous small firms producing an identical product






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






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






48. A period during which aggregate output - as measured by GDP - declines






49. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






50. Any 12 consecutive months used as an accounting period