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






2. 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






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






4. Advertising designed to encourage customers to try new products or to switch brands






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






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






7. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






8. Customer value added by making a product available at a convenient time






9. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






10. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






11. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






12. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






14. A short - specific written statement of the reason a business exists and what it wants to achieve.






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






16. Customer value created when someone takes ownership of a product






17. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






18. 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






19. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






20. Unwelcome sexual advances in the workplace






21. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






22. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






23. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






24. Authority granted to committees or teams involved in a firm's daily operations






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






26. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






28. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






30. A large number of identical products are assembled using a continuous - efficient procedure






31. People are internally motivated






32. Results from the leader's ability to give or withhold rewards






33. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






34. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






35. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






36. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






37. Characteristic of centralized companies with multiple layers of management






38. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






40. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






41. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






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






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






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






46. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






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






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






50. Changing jobs or tasks from time to time