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. Money paid to acquire something of permanent value in a business






2. Inexpensive good or service purchased and consumed rapidly and regularly






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






4. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






5. Electronic media that invite participation by the general public






6. Advertising designed to encourage customers to try new products or to switch brands






7. Communications channels - such as newspapers - radio - and television






8. 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






9. Physical products purchased by consumers for personal use






10. Loss of brand identity and the cannibalization of sales of other products in the product line






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






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






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






14. 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






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






16. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






17. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






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






20. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






22. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






23. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






24. The combined use of tactical and strategic management






25. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






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






28. Manager responsible for a firm's overall performance and effectiveness






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






30. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






31. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






32. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






33. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






34. Discount offered by producers to wholesalers and retailers






35. A sustained increase in the general level of prices






36. Top management team of a corporation






37. Top manager who is responsible for the overall performance of a corporation






38. The value that a company has built up in a brand






39. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






40. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






41. Systems for moving goods and services from producers to customers; also known as marketing channels






42. Activities producing intangible and tangible products - such as entertainment - transportation - and education






43. Manager responsible for supervising the work of employees






44. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






45. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






46. One seller of a product - denies people competition and is against the law (They can typically raise prices)






47. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






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






50. Process of dealing with employees who are represented by a union