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. Advertising designed to encourage customers to try new products or to switch brands






2. Objective that a business hopes and plans to achieve






3. Informal communication between customers and potential customers






4. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






5. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






6. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






8. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






9. Lots of leeway to workers to meet goals






10. Elimination of rules that restrict business activity






11. 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






12. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






13. Market or industry in which there is only one producer that can therefore set the prices on all of its products






14. A large number of identical products are assembled using a continuous - efficient procedure






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






16. Stocks - bonds - and other investments that can be turned into cash quickly






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






18. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






19. Brands owned by the manufacturers and distributed nationally






20. Product - price - distribution - customer communication

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21. Manager responsible for implementing the strategies and working toward the goals set by top managers






22. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






23. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






24. Positive reinforcement - negative reinforcement - punishment






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






26. Business costs that increase with the number of units produced






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






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






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






30. Measures income earned on owners' investment - formula: Net income/total owners' equity






31. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






33. Acquiring funds by selling shares of a company's stock






34. A sustained increase in the general level of prices






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






36. Categorization of customers according to their relationship with products or response to product characteristics






37. Customer value added by making a product available at a convenient time






38. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






39. Something produced by the intellect or mind that has commercial value






40. Choosing one alternative from among several options






41. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






42. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






44. Creating a flatter organization structure normally cutting out middle management






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






46. Compensation other than wages and salaries






47. Product made or grown domestically but sold abroad






48. Electronic media that invite participation by the general public






49. Brand awareness - brand preference - brand insistence






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