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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. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






3. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






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






5. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






7. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






8. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






10. Legal principal holding owners responsible for paying off all debts of a business






11. Court-granted permission for a company to not pay some or all debts






12. The willingness and ability of producers to offer a good or service for sale






13. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






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






15. Top management team of a corporation






16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






18. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






19. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






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






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






23. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






25. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






26. Form - time - place - possession






27. Offering a temporary reduction in price






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






29. Payments other than wages or salaries - other benefits






30. A document - generally issued by a state government - giving permission to start a corporation






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






32. Small software programs that provide part of the functionality of a website






33. Organization's methods for dealing with emergencies






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






35. Creating a flatter organization structure normally cutting out middle management






36. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






38. Goal set for the very near future






39. 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






40. 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






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






42. Physical products purchased by companies to produce other products






43. Informal communication between customers and potential customers






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






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






46. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






47. Organization in which most decision-making authority is held by upper-level management






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






49. profitability - liquidity - activities - and leverage/debt






50. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period







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