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






2. Characteristic of decentralized companies with relatively few layers of management






3. Selling one product at a loss as a way to entice customers to consider other products






4. One seller of a product - denies people competition and is against the law (They can typically raise prices)






5. Act of obtaining a desired object or services from another party by offering something of value in return






6. Goal set for an extended time - typically 5 years or more in the future






7. Brands owned by the manufacturers and distributed nationally






8. Form of a corporation spanning national boundaries






9. Building a specific and unique product to meet the needs of one consumer






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






11. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






13. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






14. Categorization of customers according to their geographical location






15. Diagram depicting a company's structure and showing employees where they fit into its operations






16. 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






17. Law made by the authority of administrative agencies






18. Changes the form of material so they can be consumed or used to manufacture other products






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






20. Nonsales communication that businesses have with their various audiences






21. Corporation whose stock is widely held and available for sale to the general public






22. People are lazy






23. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






25. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






27. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






28. Media: news release; audience: broad - intensity: passive - active; purpose: inform






29. Making a product available at a convenient time






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






31. 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






32. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






33. Free or bargain-priced items offered to encourage customers to buy a product






34. Location






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






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






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






38. Advertising sent directly to potential customers - usually through the mail






39. Personal communication between a seller and one or more potential buyers






40. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






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






43. 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






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






45. The level of joblessness among people actively seeking work in an economic system






46. Form - time - place - possession






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






48. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






49. Stems from personal trust and respect members have for the leader






50. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights







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Can you answer 50 questions in 15 minutes?


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