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






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






3. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






4. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






5. The process of comparing an organization's products or services and processes with those of another companies






6. Reporting relationships within a company






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






8. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






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






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. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






14. Small software programs that provide part of the functionality of a website






15. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






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






17. Mechanism for exchange between buyers and sellers of a particular good or service






18. The collection and analysis of information for making marketing decisions






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






20. 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






21. A series of related products offered by a firm






22. The quantity of a good that an average worker can produce in an hour






23. Making a product available at a convenient time






24. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






25. Process of converting government enterprises into privately owned companies






26. A measure of the sensitivity of demand to changes in price






27. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






29. Creating a flatter organization structure normally cutting out middle management






30. The act of transferring net revenue and expense account balances to retained earnings for the period






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






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






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






34. Advertising sent directly to potential customers - usually through the mail






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






36. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






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






39. Stems from personal trust and respect members have for the leader






40. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






41. People are lazy






42. Delegating more power to employees






43. An increase in liabilities






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






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






46. Obligation employees have to their manager for the successful completion of an assigned task






47. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


48. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






49. Physical products purchased by companies to produce other products






50. All the operating expenses associated with marketing goods or services