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






2. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






3. Law made by the authority of administrative agencies






4. Physical products purchased by companies to produce other products






5. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






7. Organization in which most decision-making authority is held by upper-level management






8. The collection and analysis of information for making marketing decisions






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






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






11. Management process of determining what an organization needs to do and how best to get it done






12. 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






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






14. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






15. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






17. The value that a company has built up in a brand






18. Activities producing tangible products such as radios - newspapers - buses and textbooks






19. Good or service used as the basis of commerce






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






21. Reporting relationships within a company






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






23. Postsales reductions in price - must be applied for by the purchaser






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






25. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






27. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






28. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






29. A short - specific written statement of the reason a business exists and what it wants to achieve.






30. Court-granted permission for a company to not pay some or all debts






31. Loss of brand identity and the cannibalization of sales of other products in the product line






32. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






34. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






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






37. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






38. Type of partnership consisting of limited partners and a general (or active) partner






39. In bookkeeping - an increase in assets






40. Exchange of value between parties






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






42. Product - price - distribution - customer communication

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






44. 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






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






46. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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47. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






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






50. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors