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. Physical products purchased by consumers for personal use






2. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






3. Introductory stage - growth stage - maturity stage - decline stage






4. The ability to get others to accoplish tasks because of the position the leader holds






5. Payments other than wages or salaries - other benefits






6. Products characterized by a plain label - with no advertising and no brand name






7. People are lazy






8. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






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






10. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






11. Confusion results if a person reports to two people at once - according to ____.






12. Making decisions without consulting anyone






13. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






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






15. Stocks - bonds - and other investments that can be turned into cash quickly






16. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






17. Any 12 consecutive months used as an accounting period






18. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






19. Demographics - psychographics - and geographics






20. When organizations change raw materials into finished goods






21. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






23. Study of statistical characteristics of a population






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






25. Product - price - distribution - customer communication

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






27. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






28. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






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






31. Use a brand name on a variety of related products






32. Media: news release; audience: broad - intensity: passive - active; purpose: inform






33. Cash and items that can be turned into cash within one year






34. Strategic alliance in which the collaboration involves joint ownership of the new venture






35. Discount offered by producers to wholesalers and retailers






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






37. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






38. Manager responsible for implementing the strategies and working toward the goals set by top managers






39. Goal set for the very near future






40. 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






41. An action is morally correct - when - among the people it affects...






42. Organization for economic - social - and security cooperation among European nations






43. Elimination of rules that restrict business activity






44. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






46. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






47. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






48. Pricing selling one product at a loss as a way to entice customers to consider other products






49. Obligations that must be next within a year






50. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico