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






2. Market or industry in which there is only one producer that can therefore set the prices on all of its products






3. Changing jobs or tasks from time to time






4. Mix of people in organizations in terms of essential/demographic status






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






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






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






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






9. Unwelcome sexual advances in the workplace






10. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






11. Product that is dissimilar from those of competitors but than can fulfill the same need






12. People are internally motivated






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






14. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






15. Direct communication other than personal sales contacts designed to effect a measurable response






16. ____ 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






17. Compensation other than wages and salaries






18. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






19. Cost of producing or acquiring a company's products for sale during a given period






20. Goal set for an extended time - typically 5 years or more in the future






21. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






22. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






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






25. The willingness and ability of producers to offer a good or service for sale






26. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






27. Location






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






29. The degree to which customers continue to purchase a specific brand






30. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






31. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






33. Cash and items that can be turned into cash within one year






34. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






35. Provides protection for the product - makes products easier to display - and attracts attention






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






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






38. Choosing one alternative from among several options






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






40. Brand awareness - brand preference - brand insistence






41. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






42. Customer value created when someone takes ownership of a product






43. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






44. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






46. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






48. Power of a good or services to satisfy a human need






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






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







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