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. Objective that a business hopes and plans to achieve






2. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






4. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






5. Any 12 consecutive months used as an accounting period






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






7. A prolonged and deep recession






8. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






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






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






12. Location






13. Marketers focus on stimulating demand for the new product






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






15. The ability to get others to accoplish tasks because of the position the leader holds






16. Motivator and hygiene factors need to be met to prevent dissatisfaction

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17. ____ 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






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






19. 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






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






21. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






22. An increase in liabilities






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






24. Management process of determining what an organization needs to do and how best to get it done






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






26. Activities producing intangible and tangible products - such as entertainment - transportation - and education






27. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






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






30. Organization for economic - social - and security cooperation among European nations






31. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






33. Process of converting government enterprises into privately owned companies






34. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






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






36. 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






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






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






39. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






41. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






42. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






43. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






44. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






45. 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






46. Changing jobs or tasks from time to time






47. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






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






50. Organization in which most decision-making authority is held by upper-level management