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






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






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






4. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






5. Assets = liabilities + owner's equity






6. Delegating more power to employees






7. Management process of guiding and motivating employees to meet an organization's objectives






8. Unwelcome sexual advances in the workplace






9. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






10. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






12. Payments other than wages or salaries - other benefits






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






14. Any 12 consecutive months used as an accounting period






15. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






16. Alternative plans to be implemented if uncontrollable event occur






17. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






19. Expensive - rarely purchased good or service






20. Amounts that are currently due to a company






21. 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






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






23. Diagram depicting a company's structure and showing employees where they fit into its operations






24. Cash and items that can be turned into cash within one year






25. Being accountable or being able to justify an action






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






27. Form - time - place - possession






28. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






29. Characteristic of centralized companies with multiple layers of management






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






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






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






33. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






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






36. Intermediary who sells products directly to consumers






37. Acquiring funds through borrowing






38. Ratios that measure a firm's reliance on debt financing of its operations






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






40. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






41. Obligations that must be next within a year






42. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






43. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






44. Continually adjusting prices to reflect changes in supply and demand






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






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






47. 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






48. Sales volume at a given price that will cover all of a company's costs






49. Small groups in the same work area that have scheduled meetings about problems and how to fix them






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