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. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






2. The value that a company has built up in a brand






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






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






5. Goal set for the very near future






6. 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






7. Confusion results if a person reports to two people at once - according to ____.






8. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






9. Making decisions without consulting anyone






10. Effective acquisition and use of money






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






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






13. The degree to which customers continue to purchase a specific brand






14. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






15. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






16. The creation and sharing of product-related information among customers and potential customers






17. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






18. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






19. In bookkeeping - an increase in assets






20. Type of partnership consisting of limited partners and a general (or active) partner






21. 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






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






23. Nonsales communication that businesses have with their various audiences






24. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






25. Selling or supporting the sales process over the telephone






26. The act of transferring net revenue and expense account balances to retained earnings for the period






27. Obligations that must be next within a year






28. Management process of monotoring an organization's performance to ensure that it is meeting its goals






29. Inexpensive good or service purchased and consumed rapidly and regularly






30. Provides protection for the product - makes products easier to display - and attracts attention






31. The way a manager teats and directs employees






32. Amounts that are currently due to a company






33. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






35. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






36. Industry in which one company can most efficiently supply all needed goods or services






37. In a ____ authority originates at the top and moves downward in a line.






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






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






40. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






42. Agreement to produce and market another company's product in exchange for a royalty or fee






43. Process for evaluating proposed investments in select projects that provide the best long-term financial return






44. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






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






47. 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






48. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






50. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels