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. Obligation employees have to their manager for the successful completion of an assigned task






2. The willingness and ability of producers to offer a good or service for sale






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






4. Postsales reductions in price - must be applied for by the purchaser






5. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






6. Costs created in the process of generating revenues






7. Organization's methods for dealing with emergencies






8. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






9. The amount of money charged for a product or service






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






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






12. Ethical or unethical behaviors by employees in the context of their jobs






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






14. Illegal practice of using special knowledge about a firm for profit or gain






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






16. A prolonged and deep recession






17. Advertising intended to remind existing customers of a product's availability and benefits






18. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






19. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






21. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






22. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






23. Specific customer groups or segments to whom a company wants to sell a particular product






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






25. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






26. Promotional campaigns that send information only to those people who've specifically asked to receive it






27. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






28. Codified rules of behavior enforced by society






29. Owner of shares of stock in a corporation






30. Product made or grown abroad but sold domestically






31. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






33. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






34. The value that a company has built up in a brand






35. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






36. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






37. Location






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






39. 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






40. Industry in which one company can most efficiently supply all needed goods or services






41. Being accountable or being able to justify an action






42. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






44. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






45. A firm's portion of the total sales in a market






46. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






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






48. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






49. Ratios that measure the effectiveness of the firm's use of its resources






50. Manager responsible for implementing the strategies and working toward the goals set by top managers