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. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






3. The company founder is no longer solely responsible for all decision making during the ____.






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






5. Takes the extractor's products or raw materials and changs the into a form that consumers can use






6. Rewarded for good performance; something the employee likes is praised






7. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






8. Postsales reductions in price - must be applied for by the purchaser






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






10. 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






11. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






13. Top manager who is responsible for the overall performance of a corporation






14. Product made or grown abroad but sold domestically






15. Reporting relationships within a company






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






17. Product development stage in which a product is sold on a limited basis - a trial introduction






18. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






19. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






20. Choosing one alternative from among several options






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






22. External statistical descriptors such as age - income - gender - and profession






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






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






25. Larger visual and multimedia ads that appear on websites






26. Top management team of a corporation






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






28. Organization for economic - social - and security cooperation among European nations






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






30. Managers and workers cooperating as a team






31. Law made by the authority of administrative agencies






32. Agreement to produce and market another company's product in exchange for a royalty or fee






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






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






35. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






37. Current assets minus current liabilities






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






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






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






41. Selling or supporting the sales process over the telephone






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






43. 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






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






45. Management process of monotoring an organization's performance to ensure that it is meeting its goals






46. 12 month accounting period that begins on January 1 and ends on December 31






47. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






48. 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






49. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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