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. Positive reinforcement - negative reinforcement - punishment






2. 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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3. Marketers focus on stimulating demand for the new product






4. Changes the form of material so they can be consumed or used to manufacture other products






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

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6. Amounts that are currently due to a company






7. Study of statistical characteristics of a population






8. The amount of money charged for a product or service






9. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






10. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






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






13. Confusion results if a person reports to two people at once - according to ____.






14. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






16. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






17. Where products are conveniently placed for customers






18. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






20. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






22. A prolonged and deep recession






23. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






24. Identification and marketing of a social issues - cause - or idea to selected target markets






25. An increase in liabilities






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






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






28. Money paid to acquire something of permanent value in a business






29. Sales promotion aimed at final consumers






30. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






32. 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






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






34. Introducing a new product at a low price in hopes of building sales volume quickly






35. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






36. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






38. People are lazy






39. Takes the extractor's products or raw materials and changs the into a form that consumers can use






40. Assets - liabilities = owner's equity

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41. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






42. Product that is dissimilar from those of competitors but than can fulfill the same need






43. Owner of shares of stock in a corporation






44. Rewarded for good performance; something the employee likes is praised






45. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






46. 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.






47. Effective acquisition and use of money






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






49. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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