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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. Costs created in the process of generating revenues






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






3. Advertising designed to encourage customers to try new products or to switch brands






4. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






5. This level of management includes department heads and district sales managers.






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






7. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






9. A series of related products offered by a firm






10. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






11. Results from the leader's ability to give or withhold rewards






12. Organization's methods for dealing with emergencies






13. Personal communication between a seller and one or more potential buyers






14. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






15. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






16. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






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






19. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






20. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






21. Products characterized by a plain label - with no advertising and no brand name






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






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






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






25. An action is morally correct - when - among the people it affects...






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






27. Claims against a firm's assets by creditors - such as banks and suppliers






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






29. Something produced by the intellect or mind that has commercial value






30. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






32. Using relative information to predict how many jobs will be needed






33. Media: news release; audience: broad - intensity: passive - active; purpose: inform






34. The company founder is no longer solely responsible for all decision making during the ____.






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






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






37. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






39. 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






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






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






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






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






44. Group of small investors who invest money in companies with rapid growth potential






45. Method of calculating the minimum volume of sales needed at a given price to cover all costs






46. 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.






47. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






48. Characteristic of decentralized companies with relatively few layers of management






49. Informal work groups can affect ____.






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







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Can you answer 50 questions in 15 minutes?


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