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. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






2. Acquiring funds by selling shares of a company's stock






3. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






4. Alternative plans to be implemented if uncontrollable event occur






5. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






6. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






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






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






9. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






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






11. A measure of the sensitivity of demand to changes in price






12. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






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






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






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






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






18. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






19. Process by which the world is becoming a single interdependent system






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






21. The collection and analysis of information for making marketing decisions






22. The ability to carry out a task






23. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






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






26. Owner of shares of stock in a corporation






27. The union of two corporations to form a new corporation






28. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






30. Strategy whereby a firm sells one or more of its business units






31. Changing jobs or tasks from time to time






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






33. Small software programs that provide part of the functionality of a website






34. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






37. Loss of brand identity and the cannibalization of sales of other products in the product line






38. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






40. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






41. All costs of operation that are not included under cost of goods sold






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






43. A period during which aggregate output - as measured by GDP - declines






44. A forecast of financial requirements and the financing sources to be used






45. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






46. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






48. Law created by consistitution(s) or by federal - state - or local legislative acts






49. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






50. 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