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






2. A business that is involvec with moving goods from producers to consumers






3. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






4. Intermediary who sells products to other businesses for resale to final consumers






5. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






7. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






8. Exchange of value between parties






9. The ability to get others to accoplish tasks because of the position the leader holds






10. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






11. Inexpensive good or service purchased and consumed rapidly and regularly






12. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






13. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






14. Mix of people in organizations in terms of essential/demographic status






15. Promotional campaigns that send information only to those people who've specifically asked to receive it






16. A short - specific written statement of the reason a business exists and what it wants to achieve.






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






18. Amounts that are currently due to a company






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






20. Managers and workers cooperating as a team






21. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






22. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






23. Codified rules of behavior enforced by society






24. The act of transferring net revenue and expense account balances to retained earnings for the period






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






26. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






27. 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






28. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






29. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






30. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






31. Diagram depicting a company's structure and showing employees where they fit into its operations






32. The company founder is no longer solely responsible for all decision making during the ____.






33. 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.






34. The combined use of tactical and strategic management






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






36. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






37. Elimination of rules that restrict business activity






38. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






39. Any 12 consecutive months used as an accounting period






40. Using relative information to predict how many jobs will be needed






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






42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






43. 12 month accounting period that begins on January 1 and ends on December 31






44. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






46. Occurs when two companies form one corporation






47. A period during which aggregate output - as measured by GDP - declines






48. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






49. The ability to carry out a task






50. Being accountable or being able to justify an action