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. 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






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






3. This law guards against false advertising.






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






5. Form of a corporation spanning national boundaries






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






7. Process of dealing with employees who are represented by a union






8. Small software programs that provide part of the functionality of a website






9. A prolonged and deep recession






10. Industry in which one company can most efficiently supply all needed goods or services






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






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






13. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






14. Ratios that measure a firm's reliance on debt financing of its operations






15. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






16. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






17. Corporation whose stock is held by only a few people and is not available for sale to the general public






18. The collection and analysis of information for making marketing decisions






19. Difference of revenues - costs - and profit from the planned amounts.






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






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






22. Break-even point = fixed costs/ (selling price - variable costs per unit)






23. 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






24. Assets - liabilities = owner's equity

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






26. A leadership style where the manager is directive and controlling






27. When organizations change raw materials into finished goods






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






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






30. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






31. Specification of the jobs to be done within an organization and the ways in which they relate to one another






32. Brands that have been given legal protection so that their owners have exclusive rights to their use






33. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






34. Occurs when widespread price increases occur throughout an economic system






35. Manager responsible for supervising the work of employees






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






37. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






38. Small groups in the same work area that have scheduled meetings about problems and how to fix them






39. Choosing one alternative from among several options






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






41. 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






42. Process of scanning the business environment for threats and opportunities






43. Occurs when two companies form one corporation






44. Power of a good or services to satisfy a human need






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






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






47. The creation and sharing of product-related information among customers and potential customers






48. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






50. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments