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






2. Ratios that measure the effectiveness of the firm's use of its resources






3. Objective that a business hopes and plans to achieve






4. Payments other than wages or salaries - other benefits






5. Location






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






7. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






9. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






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






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






12. The creation and sharing of product-related information among customers and potential customers






13. Amounts that are currently due to a company






14. The purchase of one company by another






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






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






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






18. Power of a good or services to satisfy a human need






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






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






21. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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22. Selling method in which the price is set by customers bidding against each other






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






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






25. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






26. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






27. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






28. Activities needed to move a product efficiently from manufacturer to consumer






29. Loss of brand identity and the cannibalization of sales of other products in the product line






30. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






32. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






33. Individuals or households that buy goods and services for personal use






34. Obligation employees have to their manager for the successful completion of an assigned task






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






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






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






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






39. 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






40. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






41. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






43. Marketers focus on stimulating demand for the new product






44. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






45. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






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






48. Changing jobs or tasks from time to time






49. Charging a high price for a new product during the introductory stage and lowering the price later






50. Applying a successful brand name to a new product category