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. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






2. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






4. Study of statistical characteristics of a population






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






6. Occurs when widespread price increases occur throughout an economic system






7. ____ 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






8. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






9. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






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






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






13. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






14. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






15. Current assets minus current liabilities






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






17. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






18. Management process of determining what an organization needs to do and how best to get it done






19. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






20. Selling one product at a loss as a way to entice customers to consider other products






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






22. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






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






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






25. Costs created in the process of generating revenues






26. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






27. Informal work groups can affect ____.






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






29. When organizations change raw materials into finished goods






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






31. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






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






34. Partner who actively manages a firm and who has unlimited liability for its debts






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






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






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






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






39. The willingness and ability of buyers to purchase a good or service






40. Nonsales communication that businesses have with their various audiences






41. Customer value added by making a product available at a convenient time






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






43. Process by which the world is becoming a single interdependent system






44. Corporation whose stock is widely held and available for sale to the general public






45. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






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






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






49. Process of converting government enterprises into privately owned companies






50. Advertising designed to encourage customers to try new products or to switch brands