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. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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2. Online ads that are linked to search engine results or website content






3. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






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






6. Small software programs that provide part of the functionality of a website






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






8. 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






9. Diagram depicting a company's structure and showing employees where they fit into its operations






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






11. Managers and workers cooperating as a team






12. Alternative plans to be implemented if uncontrollable event occur






13. Customer value added by making a product available in a convenient location






14. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






15. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






17. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






18. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






19. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






21. Effective acquisition and use of money






22. Form - time - place - possession






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






24. Where products are conveniently placed for customers






25. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






26. Payments other than wages or salaries - other benefits






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






28. Delegating more power to employees






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






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






31. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






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






34. Economy in which individuals control production and allocation decisions through supply and demand






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






36. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






37. Vying among businesses for the same resources or customers






38. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






39. Top management team of a corporation






40. Behavior exhibited by consumers as they consider - select - and purchase goods and services






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






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






43. Compensation other than wages and salaries






44. Business owned and usually operated by one person who is responsible for all its debts






45. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






46. Results from the leader's ability to give or withhold rewards






47. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






48. Form of a corporation spanning national boundaries






49. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






50. Good or service used as the basis of commerce