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






2. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






3. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






4. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






5. This level of management includes department heads and district sales managers.






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






7. A sustained increase in the general level of prices






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






9. Organization's methods for dealing with emergencies






10. The amount of money charged for a product or service






11. Promotional campaigns that send information only to those people who've specifically asked to receive it






12. The process of comparing an organization's products or services and processes with those of another companies






13. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






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






15. Markets focus on increasing the product's market share






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






17. Changing jobs or tasks from time to time






18. Current assets minus current liabilities






19. 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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20. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






21. Process of scanning the business environment for threats and opportunities






22. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






23. Acquiring funds through borrowing






24. Characteristic of centralized companies with multiple layers of management






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






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






27. Categorization of customers according to their relationship with products or response to product characteristics






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






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






30. 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






31. Good or service used as the basis of commerce






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






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






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. Payments other than wages or salaries - other benefits






36. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






38. Product development stage in which a product is sold on a limited basis - a trial introduction






39. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






42. Delegating more power to employees






43. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






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






46. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






47. Inexpensive good or service purchased and consumed rapidly and regularly






48. Money paid to acquire something of permanent value in a business






49. Process through which a manager allocates work to subordinates






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