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. Unwelcome sexual advances in the workplace






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






3. Communications channels - such as newspapers - radio - and television






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






5. Offering a temporary reduction in price






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






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






8. Individuals or households that buy goods and services for personal use






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






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






11. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






13. A detailed series of related steps or tasks written to implement a policy is called a ____.






14. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






15. When organizations change raw materials into finished goods






16. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






18. The quantity of a good that an average worker can produce in an hour






19. Manager responsible for a firm's overall performance and effectiveness






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






21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






22. Expensive - rarely purchased good or service






23. Process of converting government enterprises into privately owned companies






24. This law guards against false advertising.






25. Complete list of all products that a company offers for sale






26. Strategy whereby a firm sells one or more of its business units






27. Objective that a business hopes and plans to achieve






28. Skills in defining problems and selecting the best courses of action






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






31. People are lazy






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






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






34. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






35. Amounts that are currently due to a company






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






37. Any 12 consecutive months used as an accounting period






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






39. Marketers focus on stimulating demand for the new product






40. Form of nonstore retailing in which the telephone is used to sell directly to consumers






41. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






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






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






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






46. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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

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48. Partnership between two or more companies to closely link their brand names together for a single product






49. Current assets minus current liabilities






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