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. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






3. Alternative plans to be implemented if uncontrollable event occur






4. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






5. Categorization of customers according to their geographical location






6. 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






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






8. Codified rules of behavior enforced by society






9. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






10. Ethical or unethical behaviors by employees in the context of their jobs






11. Rewarded for good performance; something the employee likes is praised






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






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






14. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






15. Delegating more power to employees






16. Process through which a manager allocates work to subordinates






17. Confusion results if a person reports to two people at once - according to ____.






18. Form of nonstore retailing in which the telephone is used to sell directly to consumers






19. Strategy whereby a firm sells one or more of its business units






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






21. When organizations change raw materials into finished goods






22. Organization in which most decision-making authority is held by upper-level management






23. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






24. Building a specific and unique product to meet the needs of one consumer






25. Making decisions without consulting anyone






26. Strategy in which two or more organizations collaborate on a project for mutual gain






27. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






28. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






29. Informal communication between customers and potential customers






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






31. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






33. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






34. Certificates that offer discounts on particular items and are redeemed at the time of purchase






35. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






36. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






37. Unwelcome sexual advances in the workplace






38. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






39. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






41. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






42. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






43. 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






44. In a ____ authority originates at the top and moves downward in a line.






45. A forecast of financial requirements and the financing sources to be used






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






47. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






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






49. Product made or grown domestically but sold abroad






50. Process for evaluating proposed investments in select projects that provide the best long-term financial return