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. Internal descriptors such as attitudes - interests - values - behaviors - and habits






2. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






3. The willingness and ability of buyers to purchase a good or service






4. Offering several products for a single price that is presumably lower than the total of the products' individual prices






5. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






6. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






7. Manager responsible for a firm's overall performance and effectiveness






8. This law guards against false advertising.






9. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






10. Planned economic system in which the government owns and operates only selected major sources of production






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






12. Exchange of value between parties






13. Takes the extractor's products or raw materials and changs the into a form that consumers can use






14. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






15. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






17. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






18. Introducing a new product at a low price in hopes of building sales volume quickly






19. Unwelcome sexual advances in the workplace






20. Postsales reductions in price - must be applied for by the purchaser






21. Marketers focus on stimulating demand for the new product






22. Payments other than wages or salaries - other benefits






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






24. Difference of revenues - costs - and profit from the planned amounts.






25. Brand awareness - brand preference - brand insistence






26. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






28. Introducing a new product at a low price in hopes of building sales volume quickly






29. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






30. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






31. Study of statistical characteristics of a population






32. The degree to which customers continue to purchase a specific brand






33. The action of ensuring that operations produce products that meet specific quality standards






34. Current assets minus current liabilities






35. 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






36. 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






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






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






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






40. An increase in liabilities






41. Pricing selling one product at a loss as a way to entice customers to consider other products






42. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






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






44. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






46. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






47. Brands that have been given legal protection so that their owners have exclusive rights to their use






48. Goal set for the very near future






49. Customer value created when someone takes ownership of a product






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