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 that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






2. 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






3. The price of your nation's currency is in terms of another nation's currency






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






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






6. Vying among businesses for the same resources or customers






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






8. Something that the employee dislikes is taken away






9. Intermediary who sells products to other businesses for resale to final consumers






10. Mix of people in organizations in terms of essential/demographic status






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






12. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






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






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






16. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






17. Unwelcome sexual advances in the workplace






18. 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






19. 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






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






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






22. 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






23. An extra amount of time granted to a party to make a payment






24. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






26. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






27. The way you live as measure by the kinds and quality of goods and services you can afford






28. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






30. The ability to carry out a task






31. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






32. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






33. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






35. Loss of brand identity and the cannibalization of sales of other products in the product line






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






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






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






39. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






41. Ratio between net income after taxes and net sales; also known as profit margin






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






43. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






44. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






46. The value that a company has built up in a brand






47. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






49. Product development stage in which a product is sold on a limited basis - a trial introduction






50. Agreement to produce and market another company's product in exchange for a royalty or fee