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. Product that is dissimilar from those of competitors but than can fulfill the same need






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






3. Nonsales communication that businesses have with their various audiences






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






5. Owner of shares of stock in a corporation






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






7. Occurs when widespread price increases occur throughout an economic system






8. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






9. 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






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






11. Law created by consistitution(s) or by federal - state - or local legislative acts






12. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






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






15. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






16. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






17. Managers and workers cooperating as a team






18. Inexpensive good or service purchased and consumed rapidly and regularly






19. 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






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






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






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






23. A prolonged and deep recession






24. Good or service used as the basis of commerce






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






26. All costs of operation that are not included under cost of goods sold






27. Marketers focus on stimulating demand for the new product






28. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






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






30. 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






31. Organization for economic - social - and security cooperation among European nations






32. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






33. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






34. Selling or supporting the sales process over the telephone






35. Direct communication other than personal sales contacts designed to effect a measurable response






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






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






38. In a ____ authority originates at the top and moves downward in a line.






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






40. Form of a corporation spanning national boundaries






41. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






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






44. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






45. Being accountable or being able to justify an action






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






47. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






48. ____ 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






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






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