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. Mix of people in organizations in terms of essential/demographic status






2. Obligations that must be next within a year






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






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






5. Organization's methods for dealing with emergencies






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






7. Brands owned by the manufacturers and distributed nationally






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






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






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






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






12. Delegating more power to employees






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






14. The state of being certain that adverse effects will not be caused by some agent under defined conditions






15. Customer value added by making a product available in a convenient location






16. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






18. Business costs that remain constant regardless of the number of units produced






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






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






21. Top management team of a corporation






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






23. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






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






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






27. Elimination of rules that restrict business activity






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






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






30. 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






31. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






32. Unwelcome sexual advances in the workplace






33. Large-scale production and distribution of a product






34. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






35. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






36. In bookkeeping - an increase in assets






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






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






39. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






40. Building a specific and unique product to meet the needs of one consumer






41. A series of related products offered by a firm






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






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






44. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






45. Alternative plans to be implemented if uncontrollable event occur






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






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






48. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






49. Compensation other than wages and salaries






50. Introducing a new product at a low price in hopes of building sales volume quickly