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. A firm's portion of the total sales in a market






2. Brand awareness - brand preference - brand insistence






3. Costs created in the process of generating revenues






4. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






6. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






7. Electronic media that invite participation by the general public






8. Systems for moving goods and services from producers to customers; also known as marketing channels






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






10. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






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






13. A short - specific written statement of the reason a business exists and what it wants to achieve.






14. External statistical descriptors such as age - income - gender - and profession






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






16. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






17. The way you live as measure by the kinds and quality of goods and services you can afford






18. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






20. 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






21. Informal work groups can affect ____.






22. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






23. A series of related products offered by a firm






24. Organization for economic - social - and security cooperation among European nations






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






26. Elimination of rules that restrict business activity






27. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






28. Customer value created when someone takes ownership of a product






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






30. A period during which aggregate output - as measured by GDP - declines






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






32. Using relative information to predict how many jobs will be needed






33. The way a manager teats and directs employees






34. Act of obtaining a desired object or services from another party by offering something of value in return






35. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






36. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






37. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






38. Categorization of customers according to their geographical location






39. Intermediary who sells products directly to consumers






40. One seller of a product - denies people competition and is against the law (They can typically raise prices)






41. Activities needed to move a product efficiently from manufacturer to consumer






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






43. 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






44. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






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






47. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






48. Categorization of customers according to their relationship with products or response to product characteristics






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






50. Managers and workers cooperating as a team