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. Nonsales communication that businesses have with their various audiences






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






3. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






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






6. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






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






9. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






10. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






12. Physical products purchased by consumers for personal use






13. Something that the employee dislikes is taken away






14. This law guards against false advertising.






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






16. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






17. Illegal practice of using special knowledge about a firm for profit or gain






18. Managers who develop and implement a complete strategy and marketing program for specific products or brands






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






20. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






22. Law made by the authority of administrative agencies






23. Characteristic of decentralized companies with relatively few layers of management






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






25. Large-scale production and distribution of a product






26. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






27. Assets = liabilities + owner's equity






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






29. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






30. Transferring work to another country






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

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32. 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






33. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






34. Direct communication other than personal sales contacts designed to effect a measurable response






35. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






36. The ability to carry out a task






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






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






39. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






40. Break-even point = fixed costs/ (selling price - variable costs per unit)






41. Acquiring funds through borrowing






42. Mechanism for exchange between buyers and sellers of a particular good or service






43. Top management team of a corporation






44. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






46. Goal set for the very near future






47. Characteristic of centralized companies with multiple layers of management






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






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






50. 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