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






2. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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

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4. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






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






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






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






9. Product that is dissimilar from those of competitors but than can fulfill the same need






10. Strategy in which two or more organizations collaborate on a project for mutual gain






11. Advertising sent directly to potential customers - usually through the mail






12. Bar codes on product packages that provide information read by optical scanners






13. Location






14. The action of ensuring that operations produce products that meet specific quality standards






15. 12 month accounting period that begins on January 1 and ends on December 31






16. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






17. Costs created in the process of generating revenues






18. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






20. Organization's methods for dealing with emergencies






21. Specific customer groups or segments to whom a company wants to sell a particular product






22. Difference of revenues - costs - and profit from the planned amounts.






23. Informal communication between customers and potential customers






24. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






25. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






26. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






27. Customer value created by converting raw materials and other inputs into finished goods and services






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






29. Portion of a brand that can be expressed orally - including letters - words - or numbers






30. Form - time - place - possession






31. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






32. Process by which the world is becoming a single interdependent system






33. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






34. 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






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






36. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






37. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






39. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






41. Making decisions without consulting anyone






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






43. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






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






46. Media: news release; audience: broad - intensity: passive - active; purpose: inform






47. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






48. Use a brand name on a variety of related products






49. Lots of leeway to workers to meet goals






50. Reporting relationships within a company