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






2. Brands owned by the manufacturers and distributed nationally






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






4. Good or service used as the basis of commerce






5. 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






6. 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






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






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






9. Delegating more power to employees






10. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






11. Diagram depicting a company's structure and showing employees where they fit into its operations






12. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






14. A leadership style where the manager is directive and controlling






15. Planned economic system in which the government owns and operates only selected major sources of production






16. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






17. Ratios that measure the effectiveness of the firm's use of its resources






18. Rewarded for good performance; something the employee likes is praised






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






20. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






21. A business that grows products or takes raw material from nature






22. Economy in which individuals control production and allocation decisions through supply and demand






23. Law made by the authority of administrative agencies






24. Informal communication between customers and potential customers






25. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






26. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






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






29. Introductory stage - growth stage - maturity stage - decline stage






30. Sales volume at a given price that will cover all of a company's costs






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






32. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






33. Costs created in the process of generating revenues






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






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






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






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






38. Senior company managers who serve on the company's board of directors are known as ____.






39. Management process of guiding and motivating employees to meet an organization's objectives






40. Individuals or households that buy goods and services for personal use






41. 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






42. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






43. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






45. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






47. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






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






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