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






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






3. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






4. Stocks - bonds - and other investments that can be turned into cash quickly






5. Where products are conveniently placed for customers






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






7. Product made or grown domestically but sold abroad






8. The way you live as measure by the kinds and quality of goods and services you can afford






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






10. The willingness and ability of buyers to purchase a good or service






11. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






12. The purchase of one company by another






13. Customer value created by converting raw materials and other inputs into finished goods and services






14. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






15. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






17. Nonsales communication that businesses have with their various audiences






18. Cash and items that can be turned into cash within one year






19. Complete list of all products that a company offers for sale






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






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






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






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






24. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






25. Charging a high price for a new product during the introductory stage and lowering the price later






26. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






27. A leadership style where managers are less directive and involved employees in decision making






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






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






30. Selling or supporting the sales process over the telephone






31. A Theory Y manager is most likely to ____.






32. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






33. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






34. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






35. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






37. Products characterized by a plain label - with no advertising and no brand name






38. A sustained increase in the general level of prices






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






40. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






41. 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






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






43. 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






44. 12 month accounting period that begins on January 1 and ends on December 31






45. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






46. Lots of leeway to workers to meet goals






47. Obligation employees have to their manager for the successful completion of an assigned task






48. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






49. Customer value added by making a product available at a convenient time






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






Can you answer 50 questions in 15 minutes?



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