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






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






3. 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






4. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






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






7. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






8. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






10. Owner of shares of stock in a corporation






11. Manager responsible for supervising the work of employees






12. Customer value added by making a product available at a convenient time






13. Free or bargain-priced items offered to encourage customers to buy a product






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






15. This law guards against false advertising.






16. The ability to carry out a task






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






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






19. 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






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






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






22. Beliefs about what is right or wrong and good or bad in actions that affect others






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






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






25. Selling method in which the price is set by customers bidding against each other






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






27. Payments other than wages or salaries - other benefits






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






29. Organization in which most decision-making authority is held by upper-level management






30. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






31. A large number of identical products are assembled using a continuous - efficient procedure






32. Electronic media that invite participation by the general public






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






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






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






36. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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37. Selling one product at a loss as a way to entice customers to consider other products






38. Physical products purchased by consumers for personal use






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

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






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






42. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






43. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






44. The movement of an economy from one condition to another and back again






45. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






46. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






47. Sales volume at a given price that will cover all of a company's costs






48. The process of comparing an organization's products or services and processes with those of another companies






49. The ability to get others to accoplish tasks because of the position the leader holds






50. Introducing a new product at a low price in hopes of building sales volume quickly