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






2. This level of management includes department heads and district sales managers.






3. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






4. Formal agreement to set prices. Sometimes illegal - but is typically secretive






5. Manager responsible for supervising the work of employees






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






7. Sales volume at a given price that will cover all of a company's costs






8. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






10. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






11. Assets - liabilities = owner's equity

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12. Process through which a manager allocates work to subordinates






13. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






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






16. 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






17. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






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






20. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






21. Marketers focus on stimulating demand for the new product






22. Intermediary who sells products directly to consumers






23. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






24. Assets = liabilities + owner's equity






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






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






27. Direct communication other than personal sales contacts designed to effect a measurable response






28. An extra amount of time granted to a party to make a payment






29. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






30. Selling method in which the price is set by customers bidding against each other






31. Illegal practice of using special knowledge about a firm for profit or gain






32. Cost of producing or acquiring a company's products for sale during a given period






33. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






34. Sales promotion aimed at final consumers






35. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






37. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






38. Delegating more power to employees






39. A document - generally issued by a state government - giving permission to start a corporation






40. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






41. Building a specific and unique product to meet the needs of one consumer






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






43. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






44. Managers who develop and implement a complete strategy and marketing program for specific products or brands






45. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






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






48. Codified rules of behavior enforced by society






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






50. Brand awareness - brand preference - brand insistence