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. Certificates that offer discounts on particular items and are redeemed at the time of purchase






2. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






4. Process of converting government enterprises into privately owned companies






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






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






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






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






9. An action is morally correct - when - among the people it affects...






10. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






12. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






13. A prolonged and deep recession






14. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






15. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






16. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






17. Corporation whose stock is widely held and available for sale to the general public






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






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






20. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






21. Power to make the decisions necessary to complete a task






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






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






24. The movement of an economy from one condition to another and back again






25. Portion of a brand that cannot be expressed verbally






26. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






28. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






29. When organizations change raw materials into finished goods






30. Statement of a firm's financial position on a particular date; also known as a statement of financial position






31. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






33. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






34. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






35. Top management team of a corporation






36. Activities producing tangible products such as radios - newspapers - buses and textbooks






37. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






38. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






40. The willingness and ability of buyers to purchase a good or service






41. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






42. Product made or grown domestically but sold abroad






43. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






44. 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.






45. Strategy in which two or more organizations collaborate on a project for mutual gain






46. The combined use of tactical and strategic management






47. Assets = liabilities + owner's equity






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






49. Activities needed to move a product efficiently from manufacturer to consumer






50. Nonsales communication that businesses have with their various audiences