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. Law created by consistitution(s) or by federal - state - or local legislative acts






2. Body of decisions handed down by courts ruling on individual cases






3. Product that is dissimilar from those of competitors but than can fulfill the same need






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






5. Assets = liabilities + owner's equity






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






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






8. Selling or supporting the sales process over the telephone






9. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






10. The price of your nation's currency is in terms of another nation's currency






11. Amounts that are currently due to a company






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






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






14. A short - specific written statement of the reason a business exists and what it wants to achieve.






15. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






16. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






18. 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






19. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






21. Strategy whereby a firm sells one or more of its business units






22. Location






23. All the operating expenses associated with marketing goods or services






24. Agreement to produce and market another company's product in exchange for a royalty or fee






25. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






26. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






27. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






28. Charging a high price for a new product during the introductory stage and lowering the price later






29. A sustained increase in the general level of prices






30. Product made or grown abroad but sold domestically






31. The amount of money charged for a product or service






32. 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






33. Building a specific and unique product to meet the needs of one consumer






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






36. Market or industry characterized by numerous small firms producing an identical product






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






38. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






40. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






41. Personal communication between a seller and one or more potential buyers






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






43. Process of scanning the business environment for threats and opportunities






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






45. Making a product available at a convenient time






46. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






47. The way you live as measure by the kinds and quality of goods and services you can afford






48. Something produced by the intellect or mind that has commercial value






49. 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






50. Choosing one alternative from among several options