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






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






3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






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






6. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






8. A business that is involvec with moving goods from producers to consumers






9. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






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






12. Demographics - psychographics - and geographics






13. 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






14. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






16. Applying a successful brand name to a new product category






17. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






18. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






19. Measures income earned on owners' investment - formula: Net income/total owners' equity






20. Group of small investors who invest money in companies with rapid growth potential






21. A leadership style where the manager is directive and controlling






22. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






23. Inexpensive good or service purchased and consumed rapidly and regularly






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






25. Characteristic of centralized companies with multiple layers of management






26. Discount offered by producers to wholesalers and retailers






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






28. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






29. Top manager who is responsible for the overall performance of a corporation






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






31. Loss of brand identity and the cannibalization of sales of other products in the product line






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






33. 12 month accounting period that begins on January 1 and ends on December 31






34. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






35. Intermediary who sells products to other businesses for resale to final consumers






36. Form of a corporation spanning national boundaries






37. Somethings needed by a community and provided by its government






38. 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






39. The action of ensuring that operations produce products that meet specific quality standards






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






41. Transferring work to another country






42. Organization for economic - social - and security cooperation among European nations






43. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






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






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






46. Confusion results if a person reports to two people at once - according to ____.






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






48. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






49. Mix of people in organizations in terms of essential/demographic status






50. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.