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. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






2. The company founder is no longer solely responsible for all decision making during the ____.






3. Reporting relationships within a company






4. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






5. In a ____ authority originates at the top and moves downward in a line.






6. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






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






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






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






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






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






13. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






15. Body of decisions handed down by courts ruling on individual cases






16. The willingness and ability of producers to offer a good or service for sale






17. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






18. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






20. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






22. Specific customer groups or segments to whom a company wants to sell a particular product






23. Customer value created by converting raw materials and other inputs into finished goods and services






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






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






26. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






27. Categorization of customers according to their relationship with products or response to product characteristics






28. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






29. 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






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






31. Claims against a firm's assets by creditors - such as banks and suppliers






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






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






34. Changing jobs or tasks from time to time






35. Unwelcome sexual advances in the workplace






36. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






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






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






40. The combined use of tactical and strategic management






41. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






42. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






43. 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






44. Stems from personal trust and respect members have for the leader






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






46. Something produced by the intellect or mind that has commercial value






47. 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






48. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






49. Electronic media that invite participation by the general public






50. Arises when group members recognize that the leader has special expertise in the area