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






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






3. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






5. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






6. Process through which a manager allocates work to subordinates






7. The ability to get others to accoplish tasks because of the position the leader holds






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






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






10. 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






11. Sales promotion aimed at final consumers






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






13. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






14. Corporation whose stock is held by only a few people and is not available for sale to the general public






15. Assets - liabilities = owner's equity

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16. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






18. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






19. All the operating expenses associated with marketing goods or services






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






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






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






23. Confusion results if a person reports to two people at once - according to ____.






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






25. A business that grows products or takes raw material from nature






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






27. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






29. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






30. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






32. Characteristic of centralized companies with multiple layers of management






33. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






34. Free or bargain-priced items offered to encourage customers to buy a product






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






36. A leadership style where the manager is directive and controlling






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






38. Choosing one alternative from among several options






39. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






41. Market or industry in which there is only one producer that can therefore set the prices on all of its products






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






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






44. The willingness and ability of buyers to purchase a good or service






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






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






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






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






49. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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