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. Strategy whereby a firm sells one or more of its business units






2. Costs created in the process of generating revenues






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






4. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






5. A business that is involvec with moving goods from producers to consumers






6. Process of converting government enterprises into privately owned companies






7. Study of statistical characteristics of a population






8. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






10. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






11. Manager responsible for implementing the strategies and working toward the goals set by top managers






12. ____ 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






13. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






14. 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






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






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






17. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






19. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






20. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






21. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






22. Legal principal holding owners responsible for paying off all debts of a business






23. Product made or grown abroad but sold domestically






24. profitability - liquidity - activities - and leverage/debt






25. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






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






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






29. The way a manager teats and directs employees






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






31. 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






32. 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






33. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






35. Manager responsible for a firm's overall performance and effectiveness






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






37. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






39. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






41. The four key elements of marketing strategy: product - price - distribution - and promotion






42. Organization's methods for dealing with emergencies






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






44. Obligation employees have to their manager for the successful completion of an assigned task






45. When organizations change raw materials into finished goods






46. Owner of shares of stock in a corporation






47. Customer value created by converting raw materials and other inputs into finished goods and services






48. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






50. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.