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. Business costs that remain constant regardless of the number of units produced






2. Free or bargain-priced items offered to encourage customers to buy a product






3. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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






6. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






8. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






9. The collection and analysis of information for making marketing decisions






10. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






11. Customer value created when someone takes ownership of a product






12. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






13. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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14. Sales promotion aimed at final consumers






15. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






16. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






17. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






18. Alternative plans to be implemented if uncontrollable event occur






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






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






21. Selling method in which the price is set by customers bidding against each other






22. Sales volume at a given price that will cover all of a company's costs






23. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






24. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






26. 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






27. Specification of the jobs to be done within an organization and the ways in which they relate to one another






28. Codified rules of behavior enforced by society






29. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






31. Form - time - place - possession






32. Making a product available at a convenient time






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






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






35. Occurs when two companies form one corporation






36. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






38. Costs created in the process of generating revenues






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






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






41. Markets focus on increasing the product's market share






42. Current assets minus current liabilities






43. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






44. Charging a high price for a new product during the introductory stage and lowering the price later






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






46. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






47. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






48. Communications channels - such as newspapers - radio - and television






49. The way a manager teats and directs employees






50. Manager responsible for supervising the work of employees