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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. Assets = liabilities + owner's equity






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






3. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






5. Manager responsible for implementing the strategies and working toward the goals set by top managers






6. Ratio between net income after taxes and net sales; also known as profit margin






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






8. Offering a temporary reduction in price






9. Postsales reductions in price - must be applied for by the purchaser






10. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






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






13. Changes the form of material so they can be consumed or used to manufacture other products






14. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






15. 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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16. Market or industry in which there is only one producer that can therefore set the prices on all of its products






17. A series of related products offered by a firm






18. Codified rules of behavior enforced by society






19. Building a specific and unique product to meet the needs of one consumer






20. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






21. Obligation employees have to their manager for the successful completion of an assigned task






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






23. Ethical or unethical behaviors by employees in the context of their jobs






24. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






25. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






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






27. Personal communication between a seller and one or more potential buyers






28. Process of converting government enterprises into privately owned companies






29. Something that the employee dislikes is taken away






30. Selling method in which the price is set by customers bidding against each other






31. Small groups in the same work area that have scheduled meetings about problems and how to fix them






32. Amounts that are currently due to a company






33. Manager responsible for supervising the work of employees






34. This law guards against false advertising.






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






36. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






38. Transferring work to another country






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






40. Senior company managers who serve on the company's board of directors are known as ____.






41. 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






42. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






43. Customer value added by making a product available in a convenient location






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






45. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






47. The willingness and ability of buyers to purchase a good or service






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






49. A business firm that does things for you instead of making or makerting products






50. Being accountable or being able to justify an action







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