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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. Break-even point = fixed costs/ (selling price - variable costs per unit)






2. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






3. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






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






6. 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






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






8. Exchange of value between parties






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






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






11. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






12. Senior company managers who serve on the company's board of directors are known as ____.






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






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






15. Identification and marketing of a social issues - cause - or idea to selected target markets






16. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






17. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






18. The quantity of a good that an average worker can produce in an hour






19. Product development stage in which a product is sold on a limited basis - a trial introduction






20. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






21. 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






22. Alternative plans to be implemented if uncontrollable event occur






23. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






24. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






25. The union of two corporations to form a new corporation






26. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






27. Elimination of rules that restrict business activity






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






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






30. Any 12 consecutive months used as an accounting period






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






32. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






33. Demographics - psychographics - and geographics






34. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






35. Transferring work to another country






36. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






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






38. Certificates that offer discounts on particular items and are redeemed at the time of purchase






39. 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






40. Intermediary who sells products directly to consumers






41. All the operating expenses associated with marketing goods or services






42. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






43. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






44. Assets - liabilities = owner's equity

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45. The four key elements of marketing strategy: product - price - distribution - and promotion






46. 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






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






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






49. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






50. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






Can you answer 50 questions in 15 minutes?



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