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. Rewarded for good performance; something the employee likes is praised






2. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






3. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






4. Skills in defining problems and selecting the best courses of action






5. The price of your nation's currency is in terms of another nation's currency






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






7. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






8. 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






9. Senior company managers who serve on the company's board of directors are known as ____.






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






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






12. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






16. The ability to carry out a task






17. Location






18. Mechanism for exchange between buyers and sellers of a particular good or service






19. Where products are conveniently placed for customers






20. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






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






23. Business costs that increase with the number of units produced






24. Body of decisions handed down by courts ruling on individual cases






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






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






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






28. Products characterized by a plain label - with no advertising and no brand name






29. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






30. Planned economic system in which the government owns and operates only selected major sources of production






31. Corporation whose stock is held by only a few people and is not available for sale to the general public






32. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






33. Effective acquisition and use of money






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. Somethings needed by a community and provided by its government






36. 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






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






38. 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






39. Stocks - bonds - and other investments that can be turned into cash quickly






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






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






42. Industry in which one company can most efficiently supply all needed goods or services






43. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






44. Roles of shareholders - directors - and other managers in corporate decision making and accountability






45. Unwelcome sexual advances in the workplace






46. Process by which the world is becoming a single interdependent system






47. Assets - liabilities = owner's equity

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48. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






50. Arises when group members recognize that the leader has special expertise in the area