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. Claims against a firm's assets by creditors - such as banks and suppliers






2. 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






3. Product made or grown domestically but sold abroad






4. A leadership style where managers are less directive and involved employees in decision making






5. Changes the form of material so they can be consumed or used to manufacture other products






6. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






7. Creating a flatter organization structure normally cutting out middle management






8. People are lazy






9. When a task is too time consuming for a manager to handle alone - he or she may ____.






10. Assets = liabilities + owner's equity






11. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






12. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






14. Applying a successful brand name to a new product category






15. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






16. Ethical or unethical behaviors by employees in the context of their jobs






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






18. Advertising intended to remind existing customers of a product's availability and benefits






19. Court-granted permission for a company to not pay some or all debts






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






21. Being accountable or being able to justify an action






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






23. An increase in liabilities






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






25. The value that a company has built up in a brand






26. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






28. The four key elements of marketing strategy: product - price - distribution - and promotion






29. Discount offered by producers to wholesalers and retailers






30. Current assets minus current liabilities






31. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






32. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






34. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






35. Industry in which one company can most efficiently supply all needed goods or services






36. Unwelcome sexual advances in the workplace






37. Codified rules of behavior enforced by society






38. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






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






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






41. Use a brand name on a variety of related products






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






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

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44. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






45. Lots of leeway to workers to meet goals






46. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






48. Elimination of rules that restrict business activity






49. Owner of shares of stock in a corporation






50. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest