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






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






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






4. Intermediary who sells products directly to consumers






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






6. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






7. Nonsales communication that businesses have with their various audiences






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






9. Loss of brand identity and the cannibalization of sales of other products in the product line






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






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






12. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






13. Being accountable or being able to justify an action






14. Any 12 consecutive months used as an accounting period






15. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






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






18. Stems from personal trust and respect members have for the leader






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






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






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






22. Measures income earned on owners' investment - formula: Net income/total owners' equity






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






24. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






25. Effective acquisition and use of money






26. Manager responsible for a firm's overall performance and effectiveness






27. A business firm that does things for you instead of making or makerting products






28. Strategy in which two or more organizations collaborate on a project for mutual gain






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






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






31. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






32. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






34. The price of your nation's currency is in terms of another nation's currency






35. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






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






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






38. In a ____ authority originates at the top and moves downward in a line.






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






40. Study of statistical characteristics of a population






41. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






42. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






44. Electronic media that invite participation by the general public






45. Elimination of rules that restrict business activity






46. Arises when group members recognize that the leader has special expertise in the area






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






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






49. The act of transferring net revenue and expense account balances to retained earnings for the period






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