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. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






2. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






3. Categorization of customers according to their relationship with products or response to product characteristics






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






5. Assets = liabilities + owner's equity






6. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






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






8. Informal work groups can affect ____.






9. Intermediary who sells products directly to consumers






10. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






11. Expensive - rarely purchased good or service






12. When organizations change raw materials into finished goods






13. Managers and workers cooperating as a team






14. Money paid to acquire something of permanent value in a business






15. Characteristic of decentralized companies with relatively few layers of management






16. Choosing one alternative from among several options






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






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






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






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






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






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






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






24. All the operating expenses associated with marketing goods or services






25. Law made by the authority of administrative agencies






26. Occurs when two companies form one corporation






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






28. Obligations that must be next within a year






29. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






30. Planned economic system in which the government owns and operates only selected major sources of production






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






32. Acquiring funds by selling shares of a company's stock






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






34. Being accountable or being able to justify an action






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






36. Market or industry characterized by numerous small firms producing an identical product






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






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






39. Activities needed to move a product efficiently from manufacturer to consumer






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






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






42. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






43. All costs of operation that are not included under cost of goods sold






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






45. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






47. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






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






50. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand