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. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






2. 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






3. A series of related products offered by a firm






4. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






5. Obligation employees have to their manager for the successful completion of an assigned task






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






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






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






9. Vying among businesses for the same resources or customers






10. Choosing one alternative from among several options






11. Nonsales communication that businesses have with their various audiences






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






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






14. Characteristic of centralized companies with multiple layers of management






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






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






17. Industry in which one company can most efficiently supply all needed goods or services






18. 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






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






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






21. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






22. 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






23. Top management team of a corporation






24. The collection and analysis of information for making marketing decisions






25. A prolonged and deep recession






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






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






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






29. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






30. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






31. Assets - liabilities = owner's equity

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32. Positive reinforcement - negative reinforcement - punishment






33. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






34. A forecast of financial requirements and the financing sources to be used






35. Complete list of all products that a company offers for sale






36. People are lazy






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






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






39. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






40. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






41. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






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






44. Law made by the authority of administrative agencies






45. Planned economic system in which the government owns and operates only selected major sources of production






46. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






47. Physical products purchased by consumers for personal use






48. Amounts that are currently due to a company






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






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