Core Concepts & Fundamentals Flashcards
7 cards from real Business Certifications practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Core Concepts & Fundamentals flashcards as text
Which type of business ownership exposes owners to unlimited personal liability for business debts?
Answer: General partnership
General partners are personally and jointly liable for all partnership debts.
In the product life cycle, which stage typically features slowing sales growth, intense competition, and price cuts?
Answer: Maturity
During maturity, sales plateau, competition is fierce, and firms often lower prices to defend share.
A product sells for $80 and costs $50 to produce. What is its gross margin percentage?
Answer: 37.5%
Gross margin is ($80 - $50) / $80 = 37.5%.
Which economic indicator measures the total market value of all final goods and services produced within a country in a given period?
Answer: Gross Domestic Product
GDP measures the total value of final goods and services produced within a nation's borders.
According to Herzberg's two-factor theory, which of the following is a hygiene factor rather than a motivator?
Answer: Salary
Herzberg classified salary as a hygiene factor that prevents dissatisfaction but does not itself motivate.
Which term describes a company's voluntary efforts to operate in ways that benefit society and the environment beyond legal requirements?
Answer: Corporate social responsibility
Corporate social responsibility (CSR) covers voluntary actions that benefit society and the environment.
A car manufacturer acquires the company that supplies its steel. This is an example of what?
Answer: Backward vertical integration
Acquiring a supplier earlier in the supply chain is backward vertical integration.
How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. We have not yet matched this exam's facts to an official source, so confirm fees, dates and rules with the exam body. Not reviewed by a subject-matter expert. Editorial policy