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. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






3. 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






4. Results from the leader's ability to give or withhold rewards






5. Physical products purchased by consumers for personal use






6. Intermediary who sells products to other businesses for resale to final consumers






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






8. Advertising sent directly to potential customers - usually through the mail






9. Behavior exhibited by consumers as they consider - select - and purchase goods and services






10. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






11. Choosing one alternative from among several options






12. Transferring work to another country






13. 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






14. The action of ensuring that operations produce products that meet specific quality standards






15. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






16. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






17. Portion of a brand that can be expressed orally - including letters - words - or numbers






18. In bookkeeping - an increase in assets






19. Payments other than wages or salaries - other benefits






20. Legal principal holding owners responsible for paying off all debts of a business






21. profitability - liquidity - activities - and leverage/debt






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






23. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






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






26. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






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






29. Measures income earned on owners' investment - formula: Net income/total owners' equity






30. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






31. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






32. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






33. This level of management includes department heads and district sales managers.






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






35. The state of being certain that adverse effects will not be caused by some agent under defined conditions






36. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






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






39. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






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

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41. The level of joblessness among people actively seeking work in an economic system






42. Larger visual and multimedia ads that appear on websites






43. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






45. Making a product available at a convenient time






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






47. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






48. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






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