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. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






3. The ability to carry out a task






4. Communications channels - such as newspapers - radio - and television






5. Pricing selling one product at a loss as a way to entice customers to consider other products






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






7. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






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






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






10. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






11. Product made or grown abroad but sold domestically






12. Assets - liabilities = owner's equity

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13. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






15. Act of obtaining a desired object or services from another party by offering something of value in return






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






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






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






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






20. Strategy in which two or more organizations collaborate on a project for mutual gain






21. Sales volume at a given price that will cover all of a company's costs






22. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






23. Manager responsible for implementing the strategies and working toward the goals set by top managers






24. Where products are conveniently placed for customers






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






26. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






28. Organization's methods for dealing with emergencies






29. Brand awareness - brand preference - brand insistence






30. Vying among businesses for the same resources or customers






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






32. Alternative plans to be implemented if uncontrollable event occur






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






34. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






35. Management process of monotoring an organization's performance to ensure that it is meeting its goals






36. Physical products purchased by consumers for personal use






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






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






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






40. The value that a company has built up in a brand






41. Choosing one alternative from among several options






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






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






44. Large-scale production and distribution of a product






45. Diagram depicting a company's structure and showing employees where they fit into its operations






46. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






47. Product - price - distribution - customer communication

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48. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






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






50. Positive reinforcement - negative reinforcement - punishment