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 characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






2. Loss of brand identity and the cannibalization of sales of other products in the product line






3. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






4. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






5. Transferring work to another country






6. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






7. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






8. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






9. Marketers focus on stimulating demand for the new product






10. Compensation other than wages and salaries






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






12. Cost of producing or acquiring a company's products for sale during a given period






13. Mechanism for exchange between buyers and sellers of a particular good or service






14. Brand awareness - brand preference - brand insistence






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






16. Pricing selling one product at a loss as a way to entice customers to consider other products






17. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






18. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






19. Demographics - psychographics - and geographics






20. Process through which a manager allocates work to subordinates






21. Nonsales communication that businesses have with their various audiences






22. Offering a temporary reduction in price






23. Product - price - distribution - customer communication

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24. Products characterized by a plain label - with no advertising and no brand name






25. An action is morally correct - when - among the people it affects...






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






27. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






29. Power to make the decisions necessary to complete a task






30. Systems for moving goods and services from producers to customers; also known as marketing channels






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






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






33. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






35. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






36. Informal communication between customers and potential customers






37. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






38. The purchase of one company by another






39. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






40. Payments other than wages or salaries - other benefits






41. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






42. Management process of monotoring an organization's performance to ensure that it is meeting its goals






43. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






44. Strategic alliance in which the collaboration involves joint ownership of the new venture






45. 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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46. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






47. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






49. Form of a corporation spanning national boundaries






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