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






2. People are lazy






3. 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






4. A group of customer who need or want a particular product and have the money to buy it






5. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






6. Form - time - place - possession






7. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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






9. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






10. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






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






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






13. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






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






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






17. A forecast of financial requirements and the financing sources to be used






18. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






19. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






21. Manager responsible for supervising the work of employees






22. 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






23. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






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






25. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






26. Electronic media that invite participation by the general public






27. 12 month accounting period that begins on January 1 and ends on December 31






28. Loss of brand identity and the cannibalization of sales of other products in the product line






29. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






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






31. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






32. Intermediary who sells products to other businesses for resale to final consumers






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






34. Assets = liabilities + owner's equity






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






36. Brands that have been given legal protection so that their owners have exclusive rights to their use






37. The creation and sharing of product-related information among customers and potential customers






38. Corporation whose stock is held by only a few people and is not available for sale to the general public






39. Goal set for an extended time - typically 5 years or more in the future






40. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






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






42. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






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






45. Sales promotion aimed at final consumers






46. 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






47. Occurs when two companies form one corporation






48. Large-scale production and distribution of a product






49. Top management team of a corporation






50. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line







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