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. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






2. Large-scale production and distribution of a product






3. Lots of leeway to workers to meet goals






4. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






5. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






7. Loss of brand identity and the cannibalization of sales of other products in the product line






8. Managers who develop and implement a complete strategy and marketing program for specific products or brands






9. Nonsales communication that businesses have with their various audiences






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






11. Elimination of rules that restrict business activity






12. Alternative plans to be implemented if uncontrollable event occur






13. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






14. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






15. Characteristic of centralized companies with multiple layers of management






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






17. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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


18. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






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






21. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






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






24. The ability to get others to accoplish tasks because of the position the leader holds






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






26. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






27. The purchase of one company by another






28. 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






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






30. Activities needed to move a product efficiently from manufacturer to consumer






31. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






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






33. Physical products purchased by consumers for personal use






34. Rewarded for good performance; something the employee likes is praised






35. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






36. Being accountable or being able to justify an action






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






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






39. The price of your nation's currency is in terms of another nation's currency






40. Electronic media that invite participation by the general public






41. Process by which the world is becoming a single interdependent system






42. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






43. Economy in which individuals control production and allocation decisions through supply and demand






44. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






45. Corporation whose stock is held by only a few people and is not available for sale to the general public






46. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






47. Owner of shares of stock in a corporation






48. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






49. The state of being certain that adverse effects will not be caused by some agent under defined conditions






50. Delegating more power to employees