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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. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






2. Obligations that must be next within a year






3. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






4. Product made or grown domestically but sold abroad






5. Manager responsible for a firm's overall performance and effectiveness






6. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






7. ____ 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






8. Planned economic system in which the government owns and operates only selected major sources of production






9. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






10. People are internally motivated






11. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






12. Assets = liabilities + owner's equity






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






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






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






16. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






17. Lots of leeway to workers to meet goals






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






19. An extra amount of time granted to a party to make a payment






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






21. Brands owned by the manufacturers and distributed nationally






22. One seller of a product - denies people competition and is against the law (They can typically raise prices)






23. 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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24. This law guards against false advertising.






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






26. Making decisions without consulting anyone






27. Categorization of customers according to their geographical location






28. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






30. In bookkeeping - an increase in assets






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






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






33. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






35. Complete list of all products that a company offers for sale






36. Discount offered by producers to wholesalers and retailers






37. Offering a temporary reduction in price






38. A document - generally issued by a state government - giving permission to start a corporation






39. Process through which a manager allocates work to subordinates






40. 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






41. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






43. Alternative plans to be implemented if uncontrollable event occur






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






45. Exchange of value between parties






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






47. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






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






49. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






50. Business owned and usually operated by one person who is responsible for all its debts






Can you answer 50 questions in 15 minutes?



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