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. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






2. Intermediary who sells products directly to consumers






3. A large number of identical products are assembled using a continuous - efficient procedure






4. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






6. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






7. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






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






10. A sustained increase in the general level of prices






11. 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






12. Exchange of value between parties






13. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






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






15. ____ 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






16. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






17. All costs of operation that are not included under cost of goods sold






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






19. A group of customer who need or want a particular product and have the money to buy it






20. Sales promotion aimed at final consumers






21. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






22. Economic system that allows individuals to pursue their own interests without undue governmental restriction






23. 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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24. Continually adjusting prices to reflect changes in supply and demand






25. Market or industry characterized by numerous small firms producing an identical product






26. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






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






29. Reporting relationships within a company






30. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






31. Assets = liabilities + owner's equity






32. Use a brand name on a variety of related products






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






34. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






35. Marketing efforts to attract people and organizations to a particular geographical area






36. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






37. Specific customer groups or segments to whom a company wants to sell a particular product






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






39. Organization for economic - social - and security cooperation among European nations






40. Method of calculating the minimum volume of sales needed at a given price to cover all costs






41. Customer value created when someone takes ownership of a product






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






43. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






44. Lots of leeway to workers to meet goals






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






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






47. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






49. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






50. Selling or supporting the sales process over the telephone