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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. Mix of people in organizations in terms of essential/demographic status






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






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






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






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






6. Applying a successful brand name to a new product category






7. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






8. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






9. Agreement to produce and market another company's product in exchange for a royalty or fee






10. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






11. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






12. 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






13. Objective that a business hopes and plans to achieve






14. Somethings needed by a community and provided by its government






15. Claims against a firm's assets by creditors - such as banks and suppliers






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






17. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






18. 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






19. 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






20. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






22. 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






23. The creation and sharing of product-related information among customers and potential customers






24. Selling or supporting the sales process over the telephone






25. Product that is dissimilar from those of competitors but than can fulfill the same need






26. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






27. Occurs when widespread price increases occur throughout an economic system






28. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






30. Making decisions without consulting anyone






31. Ratio between net income after taxes and total owners' equity; also known as return on equity






32. The way a manager teats and directs employees






33. Strategy whereby a firm sells one or more of its business units






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






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






36. Characteristic of decentralized companies with relatively few layers of management






37. Assets = liabilities + owner's equity






38. Personal communication between a seller and one or more potential buyers






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






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






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






42. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






43. Organization's methods for dealing with emergencies






44. The level of joblessness among people actively seeking work in an economic system






45. Elimination of rules that restrict business activity






46. Changes the form of material so they can be consumed or used to manufacture other products






47. Where products are conveniently placed for customers






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






49. Provides protection for the product - makes products easier to display - and attracts attention






50. Management process of monotoring an organization's performance to ensure that it is meeting its goals







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