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. Portion of a brand that cannot be expressed verbally






2. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






3. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






4. Process through which a manager allocates work to subordinates






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






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






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






8. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






9. Large-scale production and distribution of a product






10. Manager responsible for supervising the work of employees






11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






12. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






13. Costs created in the process of generating revenues






14. The ability to carry out a task






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






16. Continually adjusting prices to reflect changes in supply and demand






17. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






19. Sales volume at a given price that will cover all of a company's costs






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






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






22. Communications channels - such as newspapers - radio - and television






23. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






24. Independent and well informed buyers and sellers of the exact same product (farmers markets)






25. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






26. Business costs that increase with the number of units produced






27. The combined use of tactical and strategic management






28. A business that grows products or takes raw material from nature






29. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






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






32. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






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






35. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






36. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






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






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






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






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






42. A forecast of financial requirements and the financing sources to be used






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






44. The purchase of one company by another






45. Compensation other than wages and salaries






46. Ratio between net income after taxes and total owners' equity; also known as return on equity






47. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






49. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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