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. Occurs when widespread price increases occur throughout an economic system






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






3. Process through which a manager allocates work to subordinates






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






5. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






6. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






8. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






9. Obligations that must be next within a year






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






11. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






13. Results from the leader's ability to give or withhold rewards






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






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






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






17. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






18. The movement of an economy from one condition to another and back again






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






20. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






22. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






26. Marketers focus on stimulating demand for the new product






27. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






28. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






29. Applying a successful brand name to a new product category






30. Authority granted to committees or teams involved in a firm's daily operations






31. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






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






34. Lots of leeway to workers to meet goals






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






36. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






38. Law made by the authority of administrative agencies






39. Management process of guiding and motivating employees to meet an organization's objectives






40. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






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






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






44. Motivator and hygiene factors need to be met to prevent dissatisfaction

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45. Process of converting government enterprises into privately owned companies






46. Delegating more power to employees






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






48. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






49. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






50. The company founder is no longer solely responsible for all decision making during the ____.