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. Certificates that offer discounts on particular items and are redeemed at the time of purchase






2. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






3. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






4. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






5. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






7. Reporting relationships within a company






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






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






10. Form of nonstore retailing in which the telephone is used to sell directly to consumers






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






12. Creating a flatter organization structure normally cutting out middle management






13. Something that the employee dislikes is taken away






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






15. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






16. Portion of a brand that can be expressed orally - including letters - words - or numbers






17. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






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






20. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






21. 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






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






23. Occurs when two companies form one corporation






24. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






26. Vying among businesses for the same resources or customers






27. The willingness and ability of producers to offer a good or service for sale






28. External statistical descriptors such as age - income - gender - and profession






29. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






31. Goal set for the very near future






32. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






33. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






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






36. Product development stage in which a product is sold on a limited basis - a trial introduction






37. Categorization of customers according to their relationship with products or response to product characteristics






38. Media: news release; audience: broad - intensity: passive - active; purpose: inform






39. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






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






42. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






44. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






45. Offering several products for a single price that is presumably lower than the total of the products' individual prices






46. Assets = liabilities + owner's equity






47. Process of scanning the business environment for threats and opportunities






48. Product - price - distribution - customer communication

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






50. 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.