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






2. A document - generally issued by a state government - giving permission to start a corporation






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






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






5. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






9. Illegal practice of using special knowledge about a firm for profit or gain






10. Process through which a manager allocates work to subordinates






11. Organization's methods for dealing with emergencies






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






13. Positive reinforcement - negative reinforcement - punishment






14. A leadership style where managers are less directive and involved employees in decision making






15. Where products are conveniently placed for customers






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






17. Vying among businesses for the same resources or customers






18. Act of obtaining a desired object or services from another party by offering something of value in return






19. Management process of determining what an organization needs to do and how best to get it done






20. Senior company managers who serve on the company's board of directors are known as ____.






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






22. Goal set for the very near future






23. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






24. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






25. Organization in which most decision-making authority is held by upper-level management






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






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






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






29. Stems from personal trust and respect members have for the leader






30. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






31. Marketers focus on stimulating demand for the new product






32. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






33. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






34. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






35. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






37. Process of dealing with employees who are represented by a union






38. Bar codes on product packages that provide information read by optical scanners






39. 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






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






41. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






42. The value that a company has built up in a brand






43. Process for evaluating proposed investments in select projects that provide the best long-term financial return






44. When organizations change raw materials into finished goods






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






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






47. Mechanism for exchange between buyers and sellers of a particular good or service






48. Corporation whose stock is held by only a few people and is not available for sale to the general public






49. Being accountable or being able to justify an action






50. 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