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






2. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






4. Results from the leader's ability to give or withhold rewards






5. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






6. profitability - liquidity - activities - and leverage/debt






7. A firm's portion of the total sales in a market






8. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






10. Location






11. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






12. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






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






14. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






16. Cash and items that can be turned into cash within one year






17. 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






18. The state of being certain that adverse effects will not be caused by some agent under defined conditions






19. Expensive - rarely purchased good or service






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






21. Rewarded for good performance; something the employee likes is praised






22. Marketing efforts to attract people and organizations to a particular geographical area






23. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






25. A measure of the sensitivity of demand to changes in price






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






27. Process through which a manager allocates work to subordinates






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






29. Characteristic of decentralized companies with relatively few layers of management






30. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






32. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






33. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






34. 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






35. Delegating more power to employees






36. Reporting relationships within a company






37. Organization for economic - social - and security cooperation among European nations






38. Type of partnership consisting of limited partners and a general (or active) partner






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






40. Goal set for an extended time - typically 5 years or more in the future






41. Objective that a business hopes and plans to achieve






42. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






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






45. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






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






47. Process for evaluating proposed investments in select projects that provide the best long-term financial return






48. Lots of leeway to workers to meet goals






49. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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