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. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






2. Compensation other than wages and salaries






3. The movement of an economy from one condition to another and back again






4. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






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






7. Economy in which individuals control production and allocation decisions through supply and demand






8. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






9. Making a product available at a convenient time






10. External statistical descriptors such as age - income - gender - and profession






11. Assets = liabilities + owner's equity






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






13. Product - price - distribution - customer communication

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14. Acquiring funds by selling shares of a company's stock






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






16. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






17. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






18. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






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






20. Activities producing intangible and tangible products - such as entertainment - transportation - and education






21. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






23. 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






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






25. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






26. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






27. Discount offered by producers to wholesalers and retailers






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






29. 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






30. A measure of the sensitivity of demand to changes in price






31. Customer value added by making a product available in a convenient location






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






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






34. Cost of producing or acquiring a company's products for sale during a given period






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






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






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






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






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






40. Business owned and usually operated by one person who is responsible for all its debts






41. Objective that a business hopes and plans to achieve






42. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






43. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






44. Delegating more power to employees






45. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






47. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






49. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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