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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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






2. Objective that a business hopes and plans to achieve






3. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






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






6. Claims against a firm's assets by creditors - such as banks and suppliers






7. Product - price - distribution - customer communication

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8. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






9. Advertising intended to remind existing customers of a product's availability and benefits






10. Electronic media that invite participation by the general public






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






12. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






13. The purchase of one company by another






14. Transferring work to another country






15. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






16. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






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






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






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






20. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






22. Compensation other than wages and salaries






23. Agreement to produce and market another company's product in exchange for a royalty or fee






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






25. Nonsales communication that businesses have with their various audiences






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






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






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






29. Selling or supporting the sales process over the telephone






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






31. The ability to carry out a task






32. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






34. Amounts that are currently due to a company






35. Form of nonstore retailing in which the telephone is used to sell directly to consumers






36. The company founder is no longer solely responsible for all decision making during the ____.






37. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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38. Something produced by the intellect or mind that has commercial value






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






40. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






41. Market or industry in which there is only one producer that can therefore set the prices on all of its products






42. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






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






45. Choosing one alternative from among several options






46. Partner who actively manages a firm and who has unlimited liability for its debts






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






48. Online ads that are linked to search engine results or website content






49. Illegal practice of using special knowledge about a firm for profit or gain






50. Partnership between two or more companies to closely link their brand names together for a single product







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Can you answer 50 questions in 15 minutes?


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