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. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






2. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






4. Markets focus on increasing the product's market share






5. Form of a corporation spanning national boundaries






6. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






7. The degree to which customers continue to purchase a specific brand






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






9. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






10. Business owned and usually operated by one person who is responsible for all its debts






11. Vying among businesses for the same resources or customers






12. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






13. Brand awareness - brand preference - brand insistence






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






15. Form of nonstore retailing in which the telephone is used to sell directly to consumers






16. 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






17. A business firm that does things for you instead of making or makerting products






18. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






19. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






20. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






21. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






22. External statistical descriptors such as age - income - gender - and profession






23. 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






24. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






25. Authority granted to committees or teams involved in a firm's daily operations






26. Assets = liabilities + owner's equity






27. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






29. Mechanism for exchange between buyers and sellers of a particular good or service






30. Cash and items that can be turned into cash within one year






31. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






32. Act of obtaining a desired object or services from another party by offering something of value in return






33. Obligations that must be next within a year






34. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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35. Strategic alliance in which the collaboration involves joint ownership of the new venture






36. Managers and workers cooperating as a team






37. Ratio between net income after taxes and net sales; also known as profit margin






38. Portion of a brand that can be expressed orally - including letters - words - or numbers






39. This law guards against false advertising.






40. Power to make the decisions necessary to complete a task






41. A leadership style where managers are less directive and involved employees in decision making






42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






43. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






45. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






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






48. Sales volume at a given price that will cover all of a company's costs






49. Media: news release; audience: broad - intensity: passive - active; purpose: inform






50. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty