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. Online ads that are linked to search engine results or website content






2. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






3. Changes the form of material so they can be consumed or used to manufacture other products






4. Transferring work to another country






5. Goal set for an extended time - typically 5 years or more in the future






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






7. Study of statistical characteristics of a population






8. Planned economic system in which the government owns and operates only selected major sources of production






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






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






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






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






13. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






14. Personal communication between a seller and one or more potential buyers






15. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






17. Diagram depicting a company's structure and showing employees where they fit into its operations






18. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






19. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






20. The process of comparing an organization's products or services and processes with those of another companies






21. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






22. Intermediary who sells products directly to consumers






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






24. Somethings needed by a community and provided by its government






25. 12 month accounting period that begins on January 1 and ends on December 31






26. Applying a successful brand name to a new product category






27. Elimination of rules that restrict business activity






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






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






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






31. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






33. The company founder is no longer solely responsible for all decision making during the ____.






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






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






36. Group of small investors who invest money in companies with rapid growth potential






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






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






39. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






40. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






41. Large-scale production and distribution of a product






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






43. Product made or grown abroad but sold domestically






44. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






46. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






47. 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






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






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






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