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 movement of an economy from one condition to another and back again






2. Product made or grown abroad but sold domestically






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






4. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






6. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






7. Manager responsible for a firm's overall performance and effectiveness






8. Authority granted to committees or teams involved in a firm's daily operations






9. Informal communication between customers and potential customers






10. Changes the form of material so they can be consumed or used to manufacture other products






11. Brands owned by the manufacturers and distributed nationally






12. A short - specific written statement of the reason a business exists and what it wants to achieve.






13. Law created by consistitution(s) or by federal - state - or local legislative acts






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






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






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






17. Large-scale production and distribution of a product






18. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






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






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






22. Elimination of rules that restrict business activity






23. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






24. The union of two corporations to form a new corporation






25. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






26. Good or service used as the basis of commerce






27. This level of management includes department heads and district sales managers.






28. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






29. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






30. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






31. A measure of the sensitivity of demand to changes in price






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






33. Brand awareness - brand preference - brand insistence






34. Continually adjusting prices to reflect changes in supply and demand






35. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






36. Complete list of all products that a company offers for sale






37. Corporation whose stock is widely held and available for sale to the general public






38. 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






39. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






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






41. Skills in defining problems and selecting the best courses of action






42. Top management team of a corporation






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






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






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






46. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






47. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






48. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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