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. Skills in defining problems and selecting the best courses of action






2. Management process of guiding and motivating employees to meet an organization's objectives






3. Lots of leeway to workers to meet goals






4. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






6. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






7. Building a specific and unique product to meet the needs of one consumer






8. Demographics - psychographics - and geographics






9. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






10. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






11. ____ 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






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






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






14. Confusion results if a person reports to two people at once - according to ____.






15. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






16. Diagram depicting a company's structure and showing employees where they fit into its operations






17. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






18. Form of a corporation spanning national boundaries






19. Cost of goods sold = beginning inventory + net purchases - ending inventory






20. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






21. Money paid to acquire something of permanent value in a business






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






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






24. People are internally motivated






25. Strategic alliance in which the collaboration involves joint ownership of the new venture






26. A business that grows products or takes raw material from nature






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






28. Physical products purchased by consumers for personal use






29. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






30. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






31. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






32. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






33. Inexpensive good or service purchased and consumed rapidly and regularly






34. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






35. Management process of determining what an organization needs to do and how best to get it done






36. Group of small investors who invest money in companies with rapid growth potential






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






38. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






39. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






40. Portion of a brand that cannot be expressed verbally






41. A prolonged and deep recession






42. 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






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






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






45. Reporting relationships within a company






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






47. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






48. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






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