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. A prolonged and deep recession






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






3. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






5. Sales promotion aimed at final consumers






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






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






8. 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






9. All the operating expenses associated with marketing goods or services






10. Introducing a new product at a low price in hopes of building sales volume quickly






11. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






12. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






14. 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






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






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






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






18. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






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






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






22. Selling one product at a loss as a way to entice customers to consider other products






23. 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






24. Rewarded for good performance; something the employee likes is praised






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






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






27. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






28. Form - time - place - possession






29. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






30. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






31. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






32. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






33. A leadership style where managers are less directive and involved employees in decision making






34. Power of a good or services to satisfy a human need






35. 12 month accounting period that begins on January 1 and ends on December 31






36. Owner of shares of stock in a corporation






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






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






39. Making a product available at a convenient time






40. Assets = liabilities + owner's equity






41. Personal communication between a seller and one or more potential buyers






42. Making decisions without consulting anyone






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






44. All costs of operation that are not included under cost of goods sold






45. Identification and marketing of a social issues - cause - or idea to selected target markets






46. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






47. 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






48. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






49. Vying among businesses for the same resources or customers






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