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. 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






2. A series of related products offered by a firm






3. The price of your nation's currency is in terms of another nation's currency






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

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5. The four key elements of marketing strategy: product - price - distribution - and promotion






6. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






7. Specification of the jobs to be done within an organization and the ways in which they relate to one another






8. Promotional campaigns that send information only to those people who've specifically asked to receive it






9. Payments other than wages or salaries - other benefits






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






11. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






12. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






13. Stems from personal trust and respect members have for the leader






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






15. Strategic alliance in which the collaboration involves joint ownership of the new venture






16. Economy in which individuals control production and allocation decisions through supply and demand






17. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






19. Customer value added by making a product available at a convenient time






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






21. Complete list of all products that a company offers for sale






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






23. Managers and workers cooperating as a team






24. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






25. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






26. Compensation other than wages and salaries






27. The amount of money charged for a product or service






28. A forecast of financial requirements and the financing sources to be used






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






30. Advertising intended to remind existing customers of a product's availability and benefits






31. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






32. Changing jobs or tasks from time to time






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






34. A detailed series of related steps or tasks written to implement a policy is called a ____.






35. A group of customer who need or want a particular product and have the money to buy it






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






37. Manager responsible for implementing the strategies and working toward the goals set by top managers






38. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






40. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






41. Markets focus on increasing the product's market share






42. 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






43. Brands owned by the manufacturers and distributed nationally






44. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






45. 12 month accounting period that begins on January 1 and ends on December 31






46. Sales volume at a given price that will cover all of a company's costs






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






48. Making a product available at a convenient time






49. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






50. People are lazy