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. Where products are conveniently placed for customers






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






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






4. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






6. Being accountable or being able to justify an action






7. Rewarded for good performance; something the employee likes is praised






8. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






9. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






10. Brand awareness - brand preference - brand insistence






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






12. 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






13. Owner of shares of stock in a corporation






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






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






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






17. Claims against a firm's assets by creditors - such as banks and suppliers






18. Type of partnership consisting of limited partners and a general (or active) partner






19. Economic system that allows individuals to pursue their own interests without undue governmental restriction






20. The purchase of one company by another






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






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






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






24. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






25. Authority granted to committees or teams involved in a firm's daily operations






26. Making a product available at a convenient time






27. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






29. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






30. Changes the form of material so they can be consumed or used to manufacture other products






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






32. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






34. Categorization of customers according to their geographical location






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






36. A group of customer who need or want a particular product and have the money to buy it






37. Process through which a manager allocates work to subordinates






38. The willingness and ability of producers to offer a good or service for sale






39. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






41. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






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






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






45. When organizations change raw materials into finished goods






46. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






48. Ethical or unethical behaviors by employees in the context of their jobs






49. Business costs that increase with the number of units produced






50. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.