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. Postsales reductions in price - must be applied for by the purchaser






2. A measure of the sensitivity of demand to changes in price






3. Obligation employees have to their manager for the successful completion of an assigned task






4. Where products are conveniently placed for customers






5. 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






6. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






7. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






8. Small software programs that provide part of the functionality of a website






9. Making decisions without consulting anyone






10. Assets - liabilities = owner's equity

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






12. In bookkeeping - an increase in assets






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






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






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






16. The value that a company has built up in a brand






17. Products characterized by a plain label - with no advertising and no brand name






18. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






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






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






22. Sales promotion aimed at final consumers






23. 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






24. Brands owned by the manufacturers and distributed nationally






25. Product - price - distribution - customer communication

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






27. Product made or grown domestically but sold abroad






28. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






29. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






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






31. Top management team of a corporation






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






33. The price of your nation's currency is in terms of another nation's currency






34. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






35. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






36. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






38. Intermediary who sells products directly to consumers






39. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






40. Stocks - bonds - and other investments that can be turned into cash quickly






41. Communications channels - such as newspapers - radio - and television






42. Assets = liabilities + owner's equity






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






44. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






45. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






46. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






47. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






48. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






49. Vying among businesses for the same resources or customers






50. 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