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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. Transferring work to another country






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






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






4. A forecast of financial requirements and the financing sources to be used






5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






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






8. 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.






9. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






12. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






14. Process through which a manager allocates work to subordinates






15. Stems from personal trust and respect members have for the leader






16. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






17. Assets = liabilities + owner's equity






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






19. The union of two corporations to form a new corporation






20. 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






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






22. Acquiring funds by selling shares of a company's stock






23. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






24. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






25. 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






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






27. A sustained increase in the general level of prices






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






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






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






31. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






32. Specification of the jobs to be done within an organization and the ways in which they relate to one another






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






34. Direct communication other than personal sales contacts designed to effect a measurable response






35. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






36. Large-scale production and distribution of a product






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






38. Selling or supporting the sales process over the telephone






39. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






41. Independent and well informed buyers and sellers of the exact same product (farmers markets)






42. Small groups in the same work area that have scheduled meetings about problems and how to fix them






43. Occurs when two companies form one corporation






44. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






45. All costs of operation that are not included under cost of goods sold






46. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






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






49. Activities producing tangible products such as radios - newspapers - buses and textbooks






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







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Can you answer 50 questions in 15 minutes?


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