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. Results from the leader's ability to give or withhold rewards






2. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






3. Unwelcome sexual advances in the workplace






4. A firm's portion of the total sales in a market






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






6. Advertising intended to remind existing customers of a product's availability and benefits






7. Provides protection for the product - makes products easier to display - and attracts attention






8. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






9. Positive reinforcement - negative reinforcement - punishment






10. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






11. 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






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






13. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






14. Communications channels - such as newspapers - radio - and television






15. A forecast of financial requirements and the financing sources to be used






16. Alternative plans to be implemented if uncontrollable event occur






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






18. A leadership style where managers are less directive and involved employees in decision making






19. Choosing one alternative from among several options






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






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






22. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






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






25. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






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






28. Any 12 consecutive months used as an accounting period






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






30. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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31. Management process of monotoring an organization's performance to ensure that it is meeting its goals






32. Physical products purchased by companies to produce other products






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






34. 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






35. In bookkeeping - an increase in assets






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






37. This law guards against false advertising.






38. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






40. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






41. Confusion results if a person reports to two people at once - according to ____.






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






43. The willingness and ability of producers to offer a good or service for sale






44. Product - price - distribution - customer communication

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45. Partner who actively manages a firm and who has unlimited liability for its debts






46. Selling or supporting the sales process over the telephone






47. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






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






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