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. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






2. 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






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






4. Electronic media that invite participation by the general public






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






6. Product made or grown abroad but sold domestically






7. A sustained increase in the general level of prices






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






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






10. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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11. Market or industry in which there is only one producer that can therefore set the prices on all of its products






12. Strategy in which two or more organizations collaborate on a project for mutual gain






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






14. Vying among businesses for the same resources or customers






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






16. Acquiring funds by selling shares of a company's stock






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






18. Applying a successful brand name to a new product category






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






20. Cost of goods sold = beginning inventory + net purchases - ending inventory






21. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






22. Difference of revenues - costs - and profit from the planned amounts.






23. Top management team of a corporation






24. Lots of leeway to workers to meet goals






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






26. The union of two corporations to form a new corporation






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






28. Location






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






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






31. Inexpensive good or service purchased and consumed rapidly and regularly






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






33. Any 12 consecutive months used as an accounting period






34. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






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






37. An extra amount of time granted to a party to make a payment






38. Power to make the decisions necessary to complete a task






39. Marketers focus on stimulating demand for the new product






40. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






42. Physical products purchased by consumers for personal use






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






44. Informal communication between customers and potential customers






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






46. A business that is involvec with moving goods from producers to consumers






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






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






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






50. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing