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






2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






3. Reporting relationships within a company






4. The amount of money charged for a product or service






5. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






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






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






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






10. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






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






13. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






14. All the operating expenses associated with marketing goods or services






15. The value that a company has built up in a brand






16. 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






17. Compensation other than wages and salaries






18. Top manager who is responsible for the overall performance of a corporation






19. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






21. Changing jobs or tasks from time to time






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






23. Informal work groups can affect ____.






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






25. Individuals or households that buy goods and services for personal use






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






27. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






28. A group of customer who need or want a particular product and have the money to buy it






29. A series of related products offered by a firm






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






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






32. Process of converting government enterprises into privately owned companies






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






34. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






35. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






37. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






39. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






40. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






41. Selling one product at a loss as a way to entice customers to consider other products






42. 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






43. Form - time - place - possession






44. Portion of a brand that can be expressed orally - including letters - words - or numbers






45. Process of dealing with employees who are represented by a union






46. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






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






48. The state of being certain that adverse effects will not be caused by some agent under defined conditions






49. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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

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