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






2. Where products are conveniently placed for customers






3. Reporting relationships within a company






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






5. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






6. Larger visual and multimedia ads that appear on websites






7. Informal work groups can affect ____.






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






9. Nonsales communication that businesses have with their various audiences






10. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






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






13. Something that the employee dislikes is taken away






14. Market or industry characterized by numerous small firms producing an identical product






15. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






17. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






18. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






20. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






21. Ratio between net income after taxes and total owners' equity; also known as return on equity






22. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






23. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






24. Manager responsible for supervising the work of employees






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






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






27. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






28. A prolonged and deep recession






29. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






30. An action is morally correct - when - among the people it affects...






31. This law guards against false advertising.






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






33. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






35. The way you live as measure by the kinds and quality of goods and services you can afford






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






37. 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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38. The quantity of a good that an average worker can produce in an hour






39. Exchange of value between parties






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






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






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






43. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






44. 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.






45. 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






46. Brand awareness - brand preference - brand insistence






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






48. The movement of an economy from one condition to another and back again






49. Form - time - place - possession






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