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. Difference of revenues - costs - and profit from the planned amounts.






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






3. 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.






4. In a ____ authority originates at the top and moves downward in a line.






5. Individuals or households that buy goods and services for personal use






6. Customer value created by converting raw materials and other inputs into finished goods and services






7. Reporting relationships within a company






8. A business firm that does things for you instead of making or makerting products






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






10. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






11. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






12. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






14. Expensive - rarely purchased good or service






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






16. 12 month accounting period that begins on January 1 and ends on December 31






17. Business costs that remain constant regardless of the number of units produced






18. Partnership between two or more companies to closely link their brand names together for a single product






19. Strategy in which two or more organizations collaborate on a project for mutual gain






20. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






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






23. Nonsales communication that businesses have with their various audiences






24. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






25. Markets focus on increasing the product's market share






26. 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






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






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






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






30. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






32. The creation and sharing of product-related information among customers and potential customers






33. Online ads that are linked to search engine results or website content






34. Customer value created when someone takes ownership of a product






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






36. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






37. Offering several products for a single price that is presumably lower than the total of the products' individual prices






38. Cost of goods sold = beginning inventory + net purchases - ending inventory






39. Ratios that measure the effectiveness of the firm's use of its resources






40. Organization's methods for dealing with emergencies






41. Communications channels - such as newspapers - radio - and television






42. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






44. Demographics - psychographics - and geographics






45. Costs created in the process of generating revenues






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






47. Physical products purchased by companies to produce other products






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






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






50. 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