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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. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






2. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






4. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






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






7. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






9. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






10. Transferring work to another country






11. 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






12. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






14. Elimination of rules that restrict business activity






15. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






16. Top management team of a corporation






17. Specification of the jobs to be done within an organization and the ways in which they relate to one another






18. Making decisions without consulting anyone






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






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






21. Law made by the authority of administrative agencies






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






23. The ability to get others to accoplish tasks because of the position the leader holds






24. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






25. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






26. External statistical descriptors such as age - income - gender - and profession






27. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






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






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






30. A series of related products offered by a firm






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






32. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






33. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






34. The amount of money charged for a product or service






35. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






36. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






37. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






38. The four key elements of marketing strategy: product - price - distribution - and promotion






39. Categorization of customers according to their geographical location






40. When a task is too time consuming for a manager to handle alone - he or she may ____.






41. Location






42. 12 month accounting period that begins on January 1 and ends on December 31






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






44. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






46. Occurs when two companies form one corporation






47. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






49. Arises when group members recognize that the leader has special expertise in the area






50. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products







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Can you answer 50 questions in 15 minutes?


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