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






2. Confusion results if a person reports to two people at once - according to ____.






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






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






5. Law created by consistitution(s) or by federal - state - or local legislative acts






6. Manager responsible for supervising the work of employees






7. Costs created in the process of generating revenues






8. Alternative plans to be implemented if uncontrollable event occur






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






10. 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






11. 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






12. Continually adjusting prices to reflect changes in supply and demand






13. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






14. In bookkeeping - an increase in assets






15. 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






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






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






18. Independent and well informed buyers and sellers of the exact same product (farmers markets)






19. Roles of shareholders - directors - and other managers in corporate decision making and accountability






20. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






22. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






23. When organizations change raw materials into finished goods






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






25. The collection and analysis of information for making marketing decisions






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






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






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






29. Advertising sent directly to potential customers - usually through the mail






30. This law guards against false advertising.






31. The movement of an economy from one condition to another and back again






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






33. 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






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






35. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






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






38. 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






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






40. A large number of identical products are assembled using a continuous - efficient procedure






41. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






42. Product made or grown domestically but sold abroad






43. ____ 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






44. A business that is involvec with moving goods from producers to consumers






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






46. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






48. An increase in liabilities






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






50. Physical products purchased by consumers for personal use







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