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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. Large-scale production and distribution of a product






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






3. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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4. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






5. Effective acquisition and use of money






6. Vying among businesses for the same resources or customers






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






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






9. A series of related products offered by a firm






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






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






12. Ratios that measure a firm's reliance on debt financing of its operations






13. Postsales reductions in price - must be applied for by the purchaser






14. Brands owned by the manufacturers and distributed nationally






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






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






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






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






19. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






20. Goal set for an extended time - typically 5 years or more in the future






21. Top manager who is responsible for the overall performance of a corporation






22. A leadership style where managers are less directive and involved employees in decision making






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






24. Sales promotion aimed at final consumers






25. Obligations that must be next within a year






26. The four key elements of marketing strategy: product - price - distribution - and promotion






27. 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






28. Method of calculating the minimum volume of sales needed at a given price to cover all costs






29. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






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






32. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






33. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






35. Use a brand name on a variety of related products






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






37. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






39. Assets = liabilities + owner's equity






40. The creation and sharing of product-related information among customers and potential customers






41. 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






42. Process of converting government enterprises into privately owned companies






43. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






45. Objective that a business hopes and plans to achieve






46. Economy in which individuals control production and allocation decisions through supply and demand






47. Product - price - distribution - customer communication

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48. The creation and sharing of product-related information among customers and potential customers






49. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






50. Making decisions without consulting anyone






Can you answer 50 questions in 15 minutes?



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