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






2. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






4. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






5. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






6. Process of dealing with employees who are represented by a union






7. Brand awareness - brand preference - brand insistence






8. Location






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






10. Specification of the jobs to be done within an organization and the ways in which they relate to one another






11. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






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






15. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






16. Alternative plans to be implemented if uncontrollable event occur






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






18. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






19. Small groups in the same work area that have scheduled meetings about problems and how to fix them






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






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






22. Managers and workers cooperating as a team






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






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






25. 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






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






27. Amounts that are currently due to a company






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






29. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






30. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






31. Positive reinforcement - negative reinforcement - punishment






32. Process through which a manager allocates work to subordinates






33. A leadership style where the manager is directive and controlling






34. A group of customer who need or want a particular product and have the money to buy it






35. Measures income earned on owners' investment - formula: Net income/total owners' equity






36. 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






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






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






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






40. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






41. Something that the employee dislikes is taken away






42. An action is morally correct - when - among the people it affects...






43. Process of scanning the business environment for threats and opportunities






44. This level of management includes department heads and district sales managers.






45. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






46. 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






47. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






49. Payments other than wages or salaries - other benefits






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