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






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






3. Delegating more power to employees






4. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






5. Lots of leeway to workers to meet goals






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






7. Illegal practice of using special knowledge about a firm for profit or gain






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






9. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






10. Inexpensive good or service purchased and consumed rapidly and regularly






11. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






12. The purchase of one company by another






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






14. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






15. Electronic media that invite participation by the general public






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






17. Business costs that remain constant regardless of the number of units produced






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






19. A leadership style where managers are less directive and involved employees in decision making






20. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






21. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






22. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






23. 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






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






25. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






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






28. Payments other than wages or salaries - other benefits






29. Identification and marketing of a social issues - cause - or idea to selected target markets






30. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






31. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






32. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






33. Current assets minus current liabilities






34. The way you live as measure by the kinds and quality of goods and services you can afford






35. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






36. 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






37. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






38. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






39. 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






40. Vying among businesses for the same resources or customers






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






42. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






43. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






45. A series of related products offered by a firm






46. Large-scale production and distribution of a product






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






48. Form of nonstore retailing in which the telephone is used to sell directly to consumers






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






50. All costs of operation that are not included under cost of goods sold







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Can you answer 50 questions in 15 minutes?


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