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






2. Beliefs about what is right or wrong and good or bad in actions that affect others






3. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






4. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






5. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






7. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






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






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






11. The way you live as measure by the kinds and quality of goods and services you can afford






12. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






13. Categorization of customers according to their geographical location






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






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






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






17. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






18. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






20. Demographics - psychographics - and geographics






21. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






22. Costs created in the process of generating revenues






23. Products characterized by a plain label - with no advertising and no brand name






24. A firm's portion of the total sales in a market






25. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






26. Law made by the authority of administrative agencies






27. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






28. Process of converting government enterprises into privately owned companies






29. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






31. Organization's methods for dealing with emergencies






32. Internal descriptors such as attitudes - interests - values - behaviors - and habits






33. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






34. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






36. Changing jobs or tasks from time to time






37. Assets - liabilities = owner's equity

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






39. Characteristic of centralized companies with multiple layers of management






40. Making decisions without consulting anyone






41. Partner who actively manages a firm and who has unlimited liability for its debts






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






43. Postsales reductions in price - must be applied for by the purchaser






44. 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






45. Using relative information to predict how many jobs will be needed






46. Media: news release; audience: broad - intensity: passive - active; purpose: inform






47. Sales promotion aimed at final consumers






48. Payments other than wages or salaries - other benefits






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






50. Offering several products for a single price that is presumably lower than the total of the products' individual prices