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. Bar codes on product packages that provide information read by optical scanners






2. Brand awareness - brand preference - brand insistence






3. Vying among businesses for the same resources or customers






4. The movement of an economy from one condition to another and back again






5. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






7. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






9. All the operating expenses associated with marketing goods or services






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






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






12. Loss of brand identity and the cannibalization of sales of other products in the product line






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






14. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






16. Codified rules of behavior enforced by society






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






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






19. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






20. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






21. Amounts that are currently due to a company






22. Objective that a business hopes and plans to achieve






23. 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.






24. Use a brand name on a variety of related products






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






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






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






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






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






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






31. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






32. The union of two corporations to form a new corporation






33. Making a product available at a convenient time






34. A forecast of financial requirements and the financing sources to be used






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






36. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






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






39. Manager responsible for a firm's overall performance and effectiveness






40. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






43. People are lazy






44. Manager responsible for supervising the work of employees






45. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






47. 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






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






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






50. Difference of revenues - costs - and profit from the planned amounts.