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. Offering a temporary reduction in price






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






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






4. Specification of the jobs to be done within an organization and the ways in which they relate to one another






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






6. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






7. Activities needed to move a product efficiently from manufacturer to consumer






8. Communications channels - such as newspapers - radio - and television






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






10. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






11. The collection and analysis of information for making marketing decisions






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






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

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14. The company founder is no longer solely responsible for all decision making during the ____.






15. Activities producing tangible products such as radios - newspapers - buses and textbooks






16. Vying among businesses for the same resources or customers






17. Individuals or households that buy goods and services for personal use






18. 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






19. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






20. Occurs when two companies form one corporation






21. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






22. 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






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






24. 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






25. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






26. Free or bargain-priced items offered to encourage customers to buy a product






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






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






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






30. Process by which the world is becoming a single interdependent system






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






32. A period during which aggregate output - as measured by GDP - declines






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






34. A prolonged and deep recession






35. A business that grows products or takes raw material from nature






36. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






38. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






39. Current assets minus current liabilities






40. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






41. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






42. Categorization of customers according to their geographical location






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






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






45. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






48. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






50. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes