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. Marketers focus on stimulating demand for the new product






2. Power of a good or services to satisfy a human need






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






4. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






5. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






6. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






7. Arises when group members recognize that the leader has special expertise in the area






8. This law guards against false advertising.






9. This level of management includes department heads and district sales managers.






10. Ratios that measure a firm's reliance on debt financing of its operations






11. Pricing selling one product at a loss as a way to entice customers to consider other products






12. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






13. Activities producing intangible and tangible products - such as entertainment - transportation - and education






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






15. A business that is involvec with moving goods from producers to consumers






16. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






17. The combined use of tactical and strategic management






18. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






19. Systems for moving goods and services from producers to customers; also known as marketing channels






20. 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






21. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






23. Ethical or unethical behaviors by employees in the context of their jobs






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






25. Marketing efforts to attract people and organizations to a particular geographical area






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






27. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






28. Method of calculating the minimum volume of sales needed at a given price to cover all costs






29. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






30. A document - generally issued by a state government - giving permission to start a corporation






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






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






33. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






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






35. An extra amount of time granted to a party to make a payment






36. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






37. Form of a corporation spanning national boundaries






38. Goal set for an extended time - typically 5 years or more in the future






39. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






40. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






42. The action of ensuring that operations produce products that meet specific quality standards






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






44. Portion of a brand that cannot be expressed verbally






45. 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






46. Any 12 consecutive months used as an accounting period






47. Market or industry characterized by numerous small firms producing an identical product






48. The ability to carry out a task






49. Industry in which one company can most efficiently supply all needed goods or services






50. Organization's statement of how it will achieve its purpose in the environment in which it conducts business