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. Selling or supporting the sales process over the telephone






2. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






3. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






4. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






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






7. Activities producing tangible products such as radios - newspapers - buses and textbooks






8. The creation and sharing of product-related information among customers and potential customers






9. Costs created in the process of generating revenues






10. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






11. Small groups in the same work area that have scheduled meetings about problems and how to fix them






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






13. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






14. Assets - liabilities = owner's equity

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

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






17. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






18. Customer value added by making a product available in a convenient location






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






20. Free or bargain-priced items offered to encourage customers to buy a product






21. 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






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






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






24. 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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25. The act of transferring net revenue and expense account balances to retained earnings for the period






26. Process through which a manager allocates work to subordinates






27. Product made or grown domestically but sold abroad






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






29. Business costs that remain constant regardless of the number of units produced






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






31. Codified rules of behavior enforced by society






32. People are internally motivated






33. Discount offered by producers to wholesalers and retailers






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






35. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






36. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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37. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






39. Assets = liabilities + owner's equity






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






41. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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






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






44. Exchange of value between parties






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






46. Brands owned by the manufacturers and distributed nationally






47. Delegating more power to employees






48. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






49. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






50. Provides protection for the product - makes products easier to display - and attracts attention