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. The price of your nation's currency is in terms of another nation's currency






2. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






3. People are lazy






4. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






6. An increase in liabilities






7. Charging a high price for a new product during the introductory stage and lowering the price later






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






9. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






10. A group of customer who need or want a particular product and have the money to buy it






11. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






12. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






13. Law made by the authority of administrative agencies






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






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. A series of related products offered by a firm






17. Measures income earned on owners' investment - formula: Net income/total owners' equity






18. Form of nonstore retailing in which the telephone is used to sell directly to consumers






19. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






20. Formal agreement to set prices. Sometimes illegal - but is typically secretive






21. Lots of leeway to workers to meet goals






22. Senior company managers who serve on the company's board of directors are known as ____.






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






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






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






26. Cost of producing or acquiring a company's products for sale during a given period






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






28. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






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






30. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






31. Choosing one alternative from among several options






32. Objective that a business hopes and plans to achieve






33. Pricing selling one product at a loss as a way to entice customers to consider other products






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






35. Managers and workers cooperating as a team






36. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






37. Continually adjusting prices to reflect changes in supply and demand






38. A firm's portion of the total sales in a market






39. 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






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






41. Goal set for the very near future






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






43. Charging a high price for a new product during the introductory stage and lowering the price later






44. Loss of brand identity and the cannibalization of sales of other products in the product line






45. Elimination of rules that restrict business activity






46. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






47. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






48. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






49. 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






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