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. Selling or supporting the sales process over the telephone






2. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






3. Goal set for an extended time - typically 5 years or more in the future






4. Something produced by the intellect or mind that has commercial value






5. Building a specific and unique product to meet the needs of one consumer






6. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






7. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






8. This law guards against false advertising.






9. The quantity of a good that an average worker can produce in an hour






10. Obligations that must be next within a year






11. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






12. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






13. Intermediary who sells products directly to consumers






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






15. Study of statistical characteristics of a population






16. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






17. Offering a temporary reduction in price






18. 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






19. Characteristic of centralized companies with multiple layers of management






20. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






21. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






22. Process of scanning the business environment for threats and opportunities






23. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






25. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






26. Product made or grown abroad but sold domestically






27. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






28. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






29. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






30. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






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






33. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






35. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






36. Costs created in the process of generating revenues






37. Form of a corporation spanning national boundaries






38. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






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






40. Objective that a business hopes and plans to achieve






41. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






43. Organization for economic - social - and security cooperation among European nations






44. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






45. Group of small investors who invest money in companies with rapid growth potential






46. Product development stage in which a product is sold on a limited basis - a trial introduction






47. Compensation other than wages and salaries






48. Introductory stage - growth stage - maturity stage - decline stage






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






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