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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. Products characterized by a plain label - with no advertising and no brand name






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






3. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






4. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






5. Being accountable or being able to justify an action






6. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






7. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






8. Motivator and hygiene factors need to be met to prevent dissatisfaction

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9. 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






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






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






12. Something that the employee dislikes is taken away






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






14. Good or service used as the basis of commerce






15. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






17. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






18. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






19. The degree to which customers continue to purchase a specific brand






20. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






21. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






23. Cash and items that can be turned into cash within one year






24. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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25. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






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






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






29. Selling or supporting the sales process over the telephone






30. Business costs that increase with the number of units produced






31. Assets = liabilities + owner's equity






32. A series of related products offered by a firm






33. Demographics - psychographics - and geographics






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






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






36. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






37. Break-even point = fixed costs/ (selling price - variable costs per unit)






38. Claims against a firm's assets by creditors - such as banks and suppliers






39. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






41. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






42. Corporation whose stock is widely held and available for sale to the general public






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






44. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






45. 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.






46. Cost of goods sold = beginning inventory + net purchases - ending inventory






47. Elimination of rules that restrict business activity






48. Large-scale production and distribution of a product






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






50. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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Can you answer 50 questions in 15 minutes?


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