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. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






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






4. Demographics - psychographics - and geographics






5. Difference of revenues - costs - and profit from the planned amounts.






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






7. Court-granted permission for a company to not pay some or all debts






8. Process through which a manager allocates work to subordinates






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






10. 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






11. Characteristic of centralized companies with multiple layers of management






12. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






13. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






14. Identification and marketing of a social issues - cause - or idea to selected target markets






15. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






16. Occurs when widespread price increases occur throughout an economic system






17. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






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






20. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






21. 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






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






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






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






25. 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






26. Power to make the decisions necessary to complete a task






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






28. This law guards against false advertising.






29. Mechanism for exchange between buyers and sellers of a particular good or service






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






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






32. Making decisions without consulting anyone






33. The ability to carry out a task






34. Owner of shares of stock in a corporation






35. Method of calculating the minimum volume of sales needed at a given price to cover all costs






36. 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






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






38. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






39. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






41. A leadership style where the manager is directive and controlling






42. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






44. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






45. Exchange of value between parties






46. Arises when group members recognize that the leader has special expertise in the area






47. An increase in liabilities






48. 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






49. Brands that have been given legal protection so that their owners have exclusive rights to their use






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