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. Vying among businesses for the same resources or customers






2. In a ____ authority originates at the top and moves downward in a line.






3. Strategy whereby a firm sells one or more of its business units






4. Strategic alliance in which the collaboration involves joint ownership of the new venture






5. Selling one product at a loss as a way to entice customers to consider other products






6. Group of small investors who invest money in companies with rapid growth potential






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






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






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






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






11. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






13. Confusion results if a person reports to two people at once - according to ____.






14. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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






16. Physical products purchased by companies to produce other products






17. Body of decisions handed down by courts ruling on individual cases






18. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






21. A firm's portion of the total sales in a market






22. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






24. The four key elements of marketing strategy: product - price - distribution - and promotion






25. Managers and workers cooperating as a team






26. An action is morally correct - when - among the people it affects...






27. A prolonged and deep recession






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






29. Product - price - distribution - customer communication

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30. The state of being certain that adverse effects will not be caused by some agent under defined conditions






31. Introductory stage - growth stage - maturity stage - decline stage






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






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






34. Ratio between net income after taxes and net sales; also known as profit margin






35. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






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






38. Goal set for the very near future






39. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






40. Being accountable or being able to justify an action






41. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






42. Compensation other than wages and salaries






43. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






44. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






45. Measures income earned on owners' investment - formula: Net income/total owners' equity






46. Identification and marketing of a social issues - cause - or idea to selected target markets






47. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






48. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






49. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






50. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing