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. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






2. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






3. Process of scanning the business environment for threats and opportunities






4. Goal set for an extended time - typically 5 years or more in the future






5. Costs created in the process of generating revenues






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






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






8. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






9. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






10. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






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






12. A sustained increase in the general level of prices






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






14. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






15. 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






16. Beliefs about what is right or wrong and good or bad in actions that affect others






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






18. Large-scale production and distribution of a product






19. Product development stage in which a product is sold on a limited basis - a trial introduction






20. A business firm that does things for you instead of making or makerting products






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






22. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






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






25. Organization in which most decision-making authority is held by upper-level management






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






27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






28. A short - specific written statement of the reason a business exists and what it wants to achieve.






29. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






30. Nonsales communication that businesses have with their various audiences






31. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






33. The four key elements of marketing strategy: product - price - distribution - and promotion






34. Brands owned by the manufacturers and distributed nationally






35. Top management team of a corporation






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






37. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






38. Confusion results if a person reports to two people at once - according to ____.






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






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






41. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






42. Elimination of rules that restrict business activity






43. People are lazy






44. A prolonged and deep recession






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






46. Loss of brand identity and the cannibalization of sales of other products in the product line






47. Partner who actively manages a firm and who has unlimited liability for its debts






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






49. Selling or supporting the sales process over the telephone






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