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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. 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






2. 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






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






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






5. Informal communication between customers and potential customers






6. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






8. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






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






11. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






12. Strategy in which two or more organizations collaborate on a project for mutual gain






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






14. Business costs that increase with the number of units produced






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






16. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






17. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






18. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






20. Corporation whose stock is widely held and available for sale to the general public






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






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






23. When organizations change raw materials into finished goods






24. Location






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






26. Vying among businesses for the same resources or customers






27. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






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






30. Changing jobs or tasks from time to time






31. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






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






34. The state of being certain that adverse effects will not be caused by some agent under defined conditions






35. Senior company managers who serve on the company's board of directors are known as ____.






36. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






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






39. A leadership style where the manager is directive and controlling






40. The process of comparing an organization's products or services and processes with those of another companies






41. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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42. Identification and marketing of a social issues - cause - or idea to selected target markets






43. Product - price - distribution - customer communication

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44. Systems for moving goods and services from producers to customers; also known as marketing channels






45. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






46. 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






47. Introducing a new product at a low price in hopes of building sales volume quickly






48. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






50. Study of statistical characteristics of a population







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