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. The degree to which customers continue to purchase a specific brand






2. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






3. Claims against a firm's assets by creditors - such as banks and suppliers






4. 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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5. Occurs when two companies form one corporation






6. A firm's portion of the total sales in a market






7. Specific customer groups or segments to whom a company wants to sell a particular product






8. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






10. In bookkeeping - an increase in assets






11. Customer value added by making a product available in a convenient location






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






13. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






15. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






16. Individuals or households that buy goods and services for personal use






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






18. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






19. Form - time - place - possession






20. Obligations that must be next within a year






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






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






23. Partnership between two or more companies to closely link their brand names together for a single product






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






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






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






27. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






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






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






30. The action of ensuring that operations produce products that meet specific quality standards






31. Brand awareness - brand preference - brand insistence






32. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






33. Exchange of value between parties






34. One seller of a product - denies people competition and is against the law (They can typically raise prices)






35. Selling or supporting the sales process over the telephone






36. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






37. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






40. Managers who develop and implement a complete strategy and marketing program for specific products or brands






41. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






42. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






43. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






45. Inexpensive good or service purchased and consumed rapidly and regularly






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






47. Body of decisions handed down by courts ruling on individual cases






48. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






49. A detailed series of related steps or tasks written to implement a policy is called a ____.






50. A business that grows products or takes raw material from nature