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






2. Assets = liabilities + owner's equity






3. Choosing one alternative from among several options






4. The creation and sharing of product-related information among customers and potential customers






5. Marketers focus on stimulating demand for the new product






6. Product made or grown domestically but sold abroad






7. Stocks - bonds - and other investments that can be turned into cash quickly






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






9. An increase in liabilities






10. Informal communication between customers and potential customers






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






12. Customer value added by making a product available at a convenient time






13. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






14. Categorization of customers according to their relationship with products or response to product characteristics






15. Expensive - rarely purchased good or service






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






17. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






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






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






21. Obligations that must be next within a year






22. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






23. Acquiring funds by selling shares of a company's stock






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






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






26. Effective acquisition and use of money






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






28. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






29. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






30. Confusion results if a person reports to two people at once - according to ____.






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






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






33. Selling one product at a loss as a way to entice customers to consider other products






34. 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






35. The way a manager teats and directs employees






36. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






37. Selling or supporting the sales process over the telephone






38. Organization's methods for dealing with emergencies






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






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






41. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






43. Top manager who is responsible for the overall performance of a corporation






44. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






45. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






46. Legal principal holding owners responsible for paying off all debts of a business






47. This law guards against false advertising.






48. A prolonged and deep recession






49. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






50. Intermediary who sells products to other businesses for resale to final consumers