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 have been given legal protection so that their owners have exclusive rights to their use






2. Occurs when widespread price increases occur throughout an economic system






3. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






4. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






5. Alternative plans to be implemented if uncontrollable event occur






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






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






8. In bookkeeping - an increase in assets






9. Customer value added by making a product available at a convenient time






10. Partner who actively manages a firm and who has unlimited liability for its debts






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






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






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






14. This law guards against false advertising.






15. Something that the employee dislikes is taken away






16. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






17. The level of joblessness among people actively seeking work in an economic system






18. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






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






21. Ratio between net income after taxes and net sales; also known as profit margin






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






23. A business that is involvec with moving goods from producers to consumers






24. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






26. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






27. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






29. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






30. A document - generally issued by a state government - giving permission to start a corporation






31. Senior company managers who serve on the company's board of directors are known as ____.






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






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






34. The quantity of a good that an average worker can produce in an hour






35. Manager responsible for implementing the strategies and working toward the goals set by top managers






36. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






37. Process of converting government enterprises into privately owned companies






38. Form of nonstore retailing in which the telephone is used to sell directly to consumers






39. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






40. Pricing selling one product at a loss as a way to entice customers to consider other products






41. The process of comparing an organization's products or services and processes with those of another companies






42. Individuals or households that buy goods and services for personal use






43. Management process of monotoring an organization's performance to ensure that it is meeting its goals






44. Top management team of a corporation






45. Beliefs about what is right or wrong and good or bad in actions that affect others






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






47. One seller of a product - denies people competition and is against the law (They can typically raise prices)






48. Discount offered by producers to wholesalers and retailers






49. Activities needed to move a product efficiently from manufacturer to consumer






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