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. Partnership between two or more companies to closely link their brand names together for a single product






2. Top manager who is responsible for the overall performance of a corporation






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






4. Stocks - bonds - and other investments that can be turned into cash quickly






5. A business that is involvec with moving goods from producers to consumers






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






7. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






9. A detailed series of related steps or tasks written to implement a policy is called a ____.






10. Court-granted permission for a company to not pay some or all debts






11. A prolonged and deep recession






12. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






13. Reporting relationships within a company






14. Authority granted to committees or teams involved in a firm's daily operations






15. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






17. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






18. Power of a good or services to satisfy a human need






19. Bar codes on product packages that provide information read by optical scanners






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






21. 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






22. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






23. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






24. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






25. Offering a temporary reduction in price






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






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






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






29. Power to make the decisions necessary to complete a task






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






31. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






32. Making decisions without consulting anyone






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






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






35. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






37. Process by which the world is becoming a single interdependent system






38. Complete list of all products that a company offers for sale






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






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






41. Roles of shareholders - directors - and other managers in corporate decision making and accountability






42. Current assets minus current liabilities






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






44. The ability to get others to accoplish tasks because of the position the leader holds






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






46. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






47. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






49. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






50. Form of sexual harassment in which sexual favors are requested in return for job-related benefits