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






2. 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.






3. The way a manager teats and directs employees






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






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






6. Choosing one alternative from among several options






7. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






8. Occurs when widespread price increases occur throughout an economic system






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






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






11. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






12. A Theory Y manager is most likely to ____.






13. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






15. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






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. Location






20. Using relative information to predict how many jobs will be needed






21. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






22. Brand awareness - brand preference - brand insistence






23. Alternative plans to be implemented if uncontrollable event occur






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






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






26. Management process of determining what an organization needs to do and how best to get it done






27. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






29. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






30. An increase in liabilities






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






32. Physical products purchased by consumers for personal use






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






34. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






35. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






36. Physical products purchased by companies to produce other products






37. External statistical descriptors such as age - income - gender - and profession






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






39. 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






40. Any 12 consecutive months used as an accounting period






41. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






42. The state of being certain that adverse effects will not be caused by some agent under defined conditions






43. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






44. Portion of a brand that can be expressed orally - including letters - words - or numbers






45. Delegating more power to employees






46. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






47. In bookkeeping - an increase in assets






48. People are internally motivated






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






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