MCQs of Business Administration | Prepare for Test

mcqs of business administration
mcqs of business administration
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MCQs of Business Administration | Prepare for Test

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MCQs of Business Administration | Prepare for Test

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MCQs of Business Administration | Prepare for Test

Back office

the administrative staff of a company who do not have face-to-face contact with the company’s customers.

Back pay

pay that is owed to an employee for work carried out before the current payment period and is either overdue or results from a backdated pay increase.

Backup

a period in which bond yields rise and prices fall, or a sudden reversal in a stock market trend.

Bad debts

Money owed to you that cannot be collected.

Balance

The amount of money remaining in an account.

Balanced budget

a budget in which planned expenditure on goods and services and debt income can be met by current income from taxation and other central government receipts.

Balanced investment strategy

a strategy of investing in a variety of types of companies and financial instruments to reduce the risk of loss through poor performance of any one type.

Balance of payments

a list of a country’s credit and debit transactions with international financial institutions and foreign countries in a specific period.

Balance of trade

the difference between a country’s exports and imports of goods and services.

Balance sheet

An itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time.

Ballpark

an informal term for a rough, estimated figure. The term was derived from the approximate assessment of the number of spectators that might be made on the basis of a glance around at a sporting event.

Bank card

a plastic card issued by a bank and accepted by merchants in payment for transactions. The most common types are credit cards and debit cards, although smart cards have been introduced. Bank cards are governed by an internationally recognized set of rules for the authorization of their use and the clearing and settlement of transactions.

Banker’s draft

a bill of exchange payable on demand and drawn by one bank on another. Regarded as being equivalent to cash, the draft cannot be returned unpaid.

Bank guarantee

a commitment made by a bank to a foreign buyer that the bank will pay an exporter for goods shipped if the buyer defaults.

Bank statement

A monthly statement of account which a bank renders to each of its depositors.

Bankruptcy

the condition of being unable to pay debts, with liabilities greater than assets.

Barren money

money that is unproductive because it is not invested.

Batch production

Products are made in batches of a certain quantity, usually as orders come in.

Benchmarking

Rating your company’s products, services and practices against those of the front-runners in the industry.

Bill of entry

A statement of the nature and value of goods to be imported or exported, prepared by the shipper and presented to a customhouse.

Bill of lading

A statement of the nature and value of goods being transported, especially by ship, along with the conditions applying to their transportation. Drawn up by the carrier, this document serves as a contract between the owner of the goods and the carrier.

Bill of sale

Formal legal document that conveys title to or interest in specific property from the seller to the buyer.

Black market

an illegal market, usually for goods that are in short supply. Black market trading breaks government regulations or legislation and is particularly prevalent during times of shortage, such as rationing, or in industries that are very highly regulated, such as pharmaceuticals or armaments.

Board of directors

Those individuals selected to sit on an authoritative standing committee or governing body, taking responsibility for the management of an organization. Members of the board of directors are officially chosen by the shareholders, but in practice they are usually selected on the basis of the current board’s recommendations. The board usually includes major shareholders as well as directors of the company.

Board of Trustees

a committee or governing body that takes responsibility for managing, and holds in trust, funds, assets, or property belonging to others, for example, charitable or pension funds or assets.

Bonus

An additional amount of payment above normal pay as a reward for good work.

Bookkeeping

The process of recording business transactions into the accounting records. The “books” are the documents in which the records of transactions are kept.

Bottom line

The figure that reflects company profitability on the income statement. The bottom line is the profit after all expenses and taxes have been paid.

Brand

A design, mark, symbol or other device that distinguishes one line or type of goods from those of a competitor.

Brand image

Where a product is given an image or identity to distinguish it from it’s competitor’s brands.

Brand loyalty

When consumers keep buying the same brand again and again instead of choosing a competitor’s brand.

Brand name

A term, symbol, design or combination thereof that identifies and differentiates a seller’s products or service.

Break-even charts

Graphs showing how costs and revenues of a business change with sales; they show the level of sales of business must make in order to break even.

Break-even

The point of business activity when total revenue equals total expenses. Above the break-even point, the business is making a profit. Below the break-even point, the business is incurring a loss.

Budget

An estimate of the income and expenditures for a future period of time, usually one year.

Business decisions

These include strategic decisions (very important ones which can affect the overall success of the business), tactical decision (those which are taken more frequently and which are less important), and operational decisions (day-to-day decisions which will be taken by lower-level managers).

Business venture

Taking financial risks in a commercial enterprise.

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