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






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






3. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






4. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






6. Law created by consistitution(s) or by federal - state - or local legislative acts






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






8. Form - time - place - possession






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






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






11. The action of ensuring that operations produce products that meet specific quality standards






12. The creation and sharing of product-related information among customers and potential customers






13. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






15. 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






16. Offering several products for a single price that is presumably lower than the total of the products' individual prices






17. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






19. Strategy whereby a firm sells one or more of its business units






20. Marketers focus on stimulating demand for the new product






21. Physical products purchased by consumers for personal use






22. Body of decisions handed down by courts ruling on individual cases






23. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






24. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






25. Customer value created by converting raw materials and other inputs into finished goods and services






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






27. Advertising intended to remind existing customers of a product's availability and benefits






28. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






29. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






30. Location






31. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






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






34. Good or service used as the basis of commerce






35. Codified rules of behavior enforced by society






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






37. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






38. Cost of producing or acquiring a company's products for sale during a given period






39. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






40. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






42. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






43. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






44. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






46. Larger visual and multimedia ads that appear on websites






47. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






48. The willingness and ability of producers to offer a good or service for sale






49. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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







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