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. Senior company managers who serve on the company's board of directors are known as ____.






3. People are internally motivated






4. Process of dealing with employees who are represented by a union






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






6. Mix of people in organizations in terms of essential/demographic status






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






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






9. The four key elements of marketing strategy: product - price - distribution - and promotion






10. Alternative plans to be implemented if uncontrollable event occur






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






12. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






13. Law created by consistitution(s) or by federal - state - or local legislative acts






14. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






15. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






17. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






18. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






19. Method of calculating the minimum volume of sales needed at a given price to cover all costs






20. Agreement to produce and market another company's product in exchange for a royalty or fee






21. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






22. Physical products purchased by companies to produce other products






23. Business owned and usually operated by one person who is responsible for all its debts






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






25. 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.






26. 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






27. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






28. Legal principal holding owners responsible for paying off all debts of a business






29. Goal set for the very near future






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






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






32. Obligations that must be next within a year






33. The purchase of one company by another






34. Acquiring funds through borrowing






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






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






37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






38. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






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






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






42. Beliefs about what is right or wrong and good or bad in actions that affect others






43. Making a product available at a convenient time






44. Power of a good or services to satisfy a human need






45. Court-granted permission for a company to not pay some or all debts






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






47. Advertising intended to remind existing customers of a product's availability and benefits






48. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






49. The state of being certain that adverse effects will not be caused by some agent under defined conditions






50. 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