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. When organizations change raw materials into finished goods






2. Physical products purchased by consumers for personal use






3. Partnership between two or more companies to closely link their brand names together for a single product






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






5. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






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






7. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






8. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






9. Managers and workers cooperating as a team






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






11. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






13. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






15. Somethings needed by a community and provided by its government






16. 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






17. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






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






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






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






22. A business that is involvec with moving goods from producers to consumers






23. The collection and analysis of information for making marketing decisions






24. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






25. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






26. Occurs when two companies form one corporation






27. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






28. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






29. 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






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






31. The combined use of tactical and strategic management






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






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






34. Positive reinforcement - negative reinforcement - punishment






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






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






37. Offering several products for a single price that is presumably lower than the total of the products' individual prices






38. 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






39. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






41. Activities producing intangible and tangible products - such as entertainment - transportation - and education






42. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






43. Ratio between net income after taxes and net sales; also known as profit margin






44. Promotional campaigns that send information only to those people who've specifically asked to receive it






45. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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






47. Management process of guiding and motivating employees to meet an organization's objectives






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






49. Location






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