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. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






2. Ratio between net income after taxes and net sales; also known as profit margin






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






4. Categorization of customers according to their relationship with products or response to product characteristics






5. Internal descriptors such as attitudes - interests - values - behaviors - and habits






6. A prolonged and deep recession






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






8. Discount offered by producers to wholesalers and retailers






9. Portion of a brand that cannot be expressed verbally






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






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






14. Lots of leeway to workers to meet goals






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






16. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






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






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






20. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






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






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






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






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






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






27. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






29. A measure of the sensitivity of demand to changes in price






30. Large-scale production and distribution of a product






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






32. Product that is dissimilar from those of competitors but than can fulfill the same need






33. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






34. Exchange of value between parties






35. Goal set for the very near future






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






37. A series of related products offered by a firm






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






39. Study of statistical characteristics of a population






40. Current assets minus current liabilities






41. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






42. Activities producing tangible products such as radios - newspapers - buses and textbooks






43. A large number of identical products are assembled using a continuous - efficient procedure






44. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






45. Form of a corporation spanning national boundaries






46. Compensation other than wages and salaries






47. The purchase of one company by another






48. A document - generally issued by a state government - giving permission to start a corporation






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






50. This law guards against false advertising.