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. Costs created in the process of generating revenues






2. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






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






5. 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






6. Act of obtaining a desired object or services from another party by offering something of value in return






7. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






8. Products characterized by a plain label - with no advertising and no brand name






9. Free or bargain-priced items offered to encourage customers to buy a product






10. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






11. Continually adjusting prices to reflect changes in supply and demand






12. Goal set for the very near future






13. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






16. Where products are conveniently placed for customers






17. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






19. Ratios that measure the effectiveness of the firm's use of its resources






20. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






21. Electronic media that invite participation by the general public






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






23. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






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






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






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






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






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






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






32. Communications channels - such as newspapers - radio - and television






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






34. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






35. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






36. A leadership style where the manager is directive and controlling






37. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






39. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






40. The purchase of one company by another






41. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






42. Owner of shares of stock in a corporation






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






44. Advertising sent directly to potential customers - usually through the mail






45. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






46. This level of management includes department heads and district sales managers.






47. A prolonged and deep recession






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






49. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






50. Obligation employees have to their manager for the successful completion of an assigned task