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. Brand awareness - brand preference - brand insistence






2. Expensive - rarely purchased good or service






3. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






5. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






6. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






7. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






8. Customer value created by converting raw materials and other inputs into finished goods and services






9. Partner who actively manages a firm and who has unlimited liability for its debts






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






11. Owner of shares of stock in a corporation






12. Provides protection for the product - makes products easier to display - and attracts attention






13. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






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






15. Identification and marketing of a social issues - cause - or idea to selected target markets






16. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






17. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






19. Assets - liabilities = owner's equity

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






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






22. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






23. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






24. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






26. A leadership style where the manager is directive and controlling






27. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






28. Process through which a manager allocates work to subordinates






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






30. People are internally motivated






31. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






33. Physical products purchased by consumers for personal use






34. Elimination of rules that restrict business activity






35. Market or industry characterized by numerous small firms producing an identical product






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






37. Management process of guiding and motivating employees to meet an organization's objectives






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






39. 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






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






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






42. Difference of revenues - costs - and profit from the planned amounts.






43. Effective acquisition and use of money






44. Act of obtaining a desired object or services from another party by offering something of value in return






45. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






46. Form - time - place - possession






47. Process of converting government enterprises into privately owned companies






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






49. 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






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