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. Effective acquisition and use of money






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






3. Codified rules of behavior enforced by society






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






5. Arises when group members recognize that the leader has special expertise in the area






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






7. Advertising sent directly to potential customers - usually through the mail






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






9. Partner who actively manages a firm and who has unlimited liability for its debts






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






11. Managers and workers cooperating as a team






12. Making decisions without consulting anyone






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






14. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






15. Power to make the decisions necessary to complete a task






16. A large number of identical products are assembled using a continuous - efficient procedure






17. Characteristic of centralized companies with multiple layers of management






18. Marketing efforts to attract people and organizations to a particular geographical area






19. Delegating more power to employees






20. Location






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






22. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






23. Lots of leeway to workers to meet goals






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






25. Assets - liabilities = owner's equity

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26. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






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






29. Motivator and hygiene factors need to be met to prevent dissatisfaction

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30. Market or industry in which there is only one producer that can therefore set the prices on all of its products






31. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






32. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






33. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






35. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






36. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






37. The degree to which customers continue to purchase a specific brand






38. Specific customer groups or segments to whom a company wants to sell a particular product






39. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






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






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






43. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






44. Independent and well informed buyers and sellers of the exact same product (farmers markets)






45. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






46. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






47. Law made by the authority of administrative agencies






48. Free or bargain-priced items offered to encourage customers to buy a product






49. Provides protection for the product - makes products easier to display - and attracts attention






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