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. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






3. People are lazy






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






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






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






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






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






9. 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






10. Introductory stage - growth stage - maturity stage - decline stage






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






12. Top management team of a corporation






13. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






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






16. Marketers focus on stimulating demand for the new product






17. Planned economic system in which the government owns and operates only selected major sources of production






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






19. Court-granted permission for a company to not pay some or all debts






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






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






22. Being accountable or being able to justify an action






23. An extra amount of time granted to a party to make a payment






24. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






25. Small groups in the same work area that have scheduled meetings about problems and how to fix them






26. Process through which a manager allocates work to subordinates






27. Categorization of customers according to their relationship with products or response to product characteristics






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






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






30. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






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






32. Discount offered by producers to wholesalers and retailers






33. Codified rules of behavior enforced by society






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






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






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






37. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






38. 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






39. Markets focus on increasing the product's market share






40. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






42. Sales volume at a given price that will cover all of a company's costs






43. The way a manager teats and directs employees






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






45. Selling method in which the price is set by customers bidding against each other






46. Characteristic of centralized companies with multiple layers of management






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






48. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






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