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






2. Sales promotion aimed at final consumers






3. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






4. Portion of a brand that can be expressed orally - including letters - words - or numbers






5. Demographics - psychographics - and geographics






6. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






8. Body of decisions handed down by courts ruling on individual cases






9. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






10. A prolonged and deep recession






11. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






12. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






13. A series of related products offered by a firm






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






15. People are lazy






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






17. Planned economic system in which the government owns and operates only selected major sources of production






18. Skills in defining problems and selecting the best courses of action






19. Selling or supporting the sales process over the telephone






20. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






21. Customer value added by making a product available in a convenient location






22. The union of two corporations to form a new corporation






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






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






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






26. Customer value created by converting raw materials and other inputs into finished goods and services






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






28. The ability to carry out a task






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






30. Specific customer groups or segments to whom a company wants to sell a particular product






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. Product made or grown abroad but sold domestically






33. Small groups in the same work area that have scheduled meetings about problems and how to fix them






34. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






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






37. External statistical descriptors such as age - income - gender - and profession






38. 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






39. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






40. People are internally motivated






41. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






42. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






44. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






45. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






46. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






47. Economic system that allows individuals to pursue their own interests without undue governmental restriction






48. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






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






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