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. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






2. Unwelcome sexual advances in the workplace






3. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






4. Managers and workers cooperating as a team






5. Planned economic system in which the government owns and operates only selected major sources of production






6. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






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






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






10. Identification and marketing of a social issues - cause - or idea to selected target markets






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






12. Diagram depicting a company's structure and showing employees where they fit into its operations






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


14. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






15. Organization in which most decision-making authority is held by upper-level management






16. Assets - liabilities = owner's equity

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


17. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






18. The action of ensuring that operations produce products that meet specific quality standards






19. Managers who develop and implement a complete strategy and marketing program for specific products or brands






20. Type of partnership consisting of limited partners and a general (or active) partner






21. Product made or grown domestically but sold abroad






22. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






23. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






25. The union of two corporations to form a new corporation






26. Ethical or unethical behaviors by employees in the context of their jobs






27. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






28. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






30. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






31. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






32. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






33. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






34. Power of a good or services to satisfy a human need






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






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






37. Rewarded for good performance; something the employee likes is praised






38. Lots of leeway to workers to meet goals






39. Charging a high price for a new product during the introductory stage and lowering the price later






40. Payments other than wages or salaries - other benefits






41. Pricing selling one product at a loss as a way to entice customers to consider other products






42. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


43. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






44. Exchange of value between parties






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






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






47. Online ads that are linked to search engine results or website content






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






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






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