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. Product - price - distribution - customer communication

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2. Law created by consistitution(s) or by federal - state - or local legislative acts






3. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






4. When organizations change raw materials into finished goods






5. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






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






8. profitability - liquidity - activities - and leverage/debt






9. Introductory stage - growth stage - maturity stage - decline stage






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






11. A sustained increase in the general level of prices






12. Manager responsible for supervising the work of employees






13. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






14. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






15. Direct communication other than personal sales contacts designed to effect a measurable response






16. The creation and sharing of product-related information among customers and potential customers






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






18. Exchange of value between parties






19. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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20. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






22. Money paid to acquire something of permanent value in a business






23. Managers and workers cooperating as a team






24. The willingness and ability of buyers to purchase a good or service






25. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






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






27. Delegating more power to employees






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






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






30. Where products are conveniently placed for customers






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






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






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






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






35. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






36. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






38. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






39. Amounts that are currently due to a company






40. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






41. Customer value created when someone takes ownership of a product






42. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






43. Customer value added by making a product available at a convenient time






44. The combined use of tactical and strategic management






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






46. Economy in which individuals control production and allocation decisions through supply and demand






47. This law guards against false advertising.






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






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






50. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights