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. 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






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






3. Electronic media that invite participation by the general public






4. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






5. Statement of a firm's financial position on a particular date; also known as a statement of financial position






6. Payments other than wages or salaries - other benefits






7. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






8. Advertising designed to encourage customers to try new products or to switch brands






9. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






10. Reporting relationships within a company






11. When a task is too time consuming for a manager to handle alone - he or she may ____.






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






13. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






15. The value that a company has built up in a brand






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






17. Objective that a business hopes and plans to achieve






18. Portion of a brand that cannot be expressed verbally






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






20. Group of small investors who invest money in companies with rapid growth potential






21. A sustained increase in the general level of prices






22. Direct communication other than personal sales contacts designed to effect a measurable response






23. Form of a corporation spanning national boundaries






24. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






25. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






26. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






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






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






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






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






31. Where products are conveniently placed for customers






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






33. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






34. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






35. Stocks - bonds - and other investments that can be turned into cash quickly






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






37. Larger visual and multimedia ads that appear on websites






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






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






40. A large number of identical products are assembled using a continuous - efficient procedure






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






42. Occurs when widespread price increases occur throughout an economic system






43. Claims against a firm's assets by creditors - such as banks and suppliers






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






45. This level of management includes department heads and district sales managers.






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






47. Obligations that must be next within a year






48. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






49. Partnership between two or more companies to closely link their brand names together for a single product






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