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






2. Manager responsible for supervising the work of employees






3. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






5. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






6. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






7. Goal set for the very near future






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






9. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






10. Stocks - bonds - and other investments that can be turned into cash quickly






11. Compensation other than wages and salaries






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






13. Informal work groups can affect ____.






14. Strategy whereby a firm sells one or more of its business units






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






16. The value that a company has built up in a brand






17. Specific customer groups or segments to whom a company wants to sell a particular product






18. An action is morally correct - when - among the people it affects...






19. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






20. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






22. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






23. Characteristic of centralized companies with multiple layers of management






24. Product - price - distribution - customer communication

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25. Charging a high price for a new product during the introductory stage and lowering the price later






26. Introducing a new product at a low price in hopes of building sales volume quickly






27. Transferring work to another country






28. Body of decisions handed down by courts ruling on individual cases






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






30. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






31. Diagram depicting a company's structure and showing employees where they fit into its operations






32. Larger visual and multimedia ads that appear on websites






33. Effective acquisition and use of money






34. Changes the form of material so they can be consumed or used to manufacture other products






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






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






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






38. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






39. Choosing one alternative from among several options






40. Assets = liabilities + owner's equity






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






42. Managers who develop and implement a complete strategy and marketing program for specific products or brands






43. Business costs that remain constant regardless of the number of units produced






44. Owner of shares of stock in a corporation






45. Mix of people in organizations in terms of essential/demographic status






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






47. Applying a successful brand name to a new product category






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






49. Good or service used as the basis of commerce






50. Charging a high price for a new product during the introductory stage and lowering the price later