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. A period during which aggregate output - as measured by GDP - declines






2. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






4. 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






5. Sales promotion aimed at final consumers






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






7. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






8. Money paid to acquire something of permanent value in a business






9. Electronic media that invite participation by the general public






10. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






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

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






13. People are lazy






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






15. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






16. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






17. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






18. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






19. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






21. Brand awareness - brand preference - brand insistence






22. Brands owned by the manufacturers and distributed nationally






23. 12 month accounting period that begins on January 1 and ends on December 31






24. Bar codes on product packages that provide information read by optical scanners






25. Form - time - place - possession






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






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






28. Manager responsible for a firm's overall performance and effectiveness






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






30. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






31. An increase in liabilities






32. A series of related products offered by a firm






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






34. The four key elements of marketing strategy: product - price - distribution - and promotion






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






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






37. Skills in defining problems and selecting the best courses of action






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






39. Inexpensive good or service purchased and consumed rapidly and regularly






40. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






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






43. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






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






45. Rewarded for good performance; something the employee likes is praised






46. Goal set for an extended time - typically 5 years or more in the future






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






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






49. Being accountable or being able to justify an action






50. Portion of a brand that cannot be expressed verbally