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






2. A sustained increase in the general level of prices






3. Obligations that must be next within a year






4. Results from the leader's ability to give or withhold rewards






5. A document - generally issued by a state government - giving permission to start a corporation






6. Building a specific and unique product to meet the needs of one consumer






7. 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






8. Takes the extractor's products or raw materials and changs the into a form that consumers can use






9. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






11. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






12. Reporting relationships within a company






13. Codified rules of behavior enforced by society






14. Delegating more power to employees






15. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






16. Type of partnership consisting of limited partners and a general (or active) partner






17. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






18. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






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

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20. Loss of brand identity and the cannibalization of sales of other products in the product line






21. Ratio between net income after taxes and total owners' equity; also known as return on equity






22. profitability - liquidity - activities - and leverage/debt






23. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






24. 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






25. Confusion results if a person reports to two people at once - according to ____.






26. Claims against a firm's assets by creditors - such as banks and suppliers






27. Product that is dissimilar from those of competitors but than can fulfill the same need






28. Law made by the authority of administrative agencies






29. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






31. In a ____ authority originates at the top and moves downward in a line.






32. Assets = liabilities + owner's equity






33. Changing jobs or tasks from time to time






34. Categorization of customers according to their geographical location






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






36. Activities needed to move a product efficiently from manufacturer to consumer






37. The combined use of tactical and strategic management






38. Alternative plans to be implemented if uncontrollable event occur






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






40. 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






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






42. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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






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






45. Occurs when two companies form one corporation






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






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






48. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






50. When organizations change raw materials into finished goods