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. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






3. Provides protection for the product - makes products easier to display - and attracts attention






4. Brands owned by the manufacturers and distributed nationally






5. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






6. Customer value added by making a product available in a convenient location






7. Intermediary who sells products to other businesses for resale to final consumers






8. Systems for moving goods and services from producers to customers; also known as marketing channels






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






10. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






12. Formal agreement to set prices. Sometimes illegal - but is typically secretive






13. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






15. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






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






18. Sales volume at a given price that will cover all of a company's costs






19. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






20. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






21. 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






22. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






23. Ethical or unethical behaviors by employees in the context of their jobs






24. Codified rules of behavior enforced by society






25. Owner of shares of stock in a corporation






26. Marketers focus on stimulating demand for the new product






27. Advertising designed to encourage customers to try new products or to switch brands






28. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






29. Manager responsible for supervising the work of employees






30. The combined use of tactical and strategic management






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






32. A firm's portion of the total sales in a market






33. Mechanism for exchange between buyers and sellers of a particular good or service






34. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






36. Occurs when two companies form one corporation






37. 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






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






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






40. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






41. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






42. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






43. Obligations that must be next within a year






44. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






45. Economic system that allows individuals to pursue their own interests without undue governmental restriction






46. Illegal practice of using special knowledge about a firm for profit or gain






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






48. A prolonged and deep recession






49. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






50. Demographics - psychographics - and geographics