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






2. Management process of monotoring an organization's performance to ensure that it is meeting its goals






3. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






5. The purchase of one company by another






6. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






8. A group of customer who need or want a particular product and have the money to buy it






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






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






11. Takes the extractor's products or raw materials and changs the into a form that consumers can use






12. Business costs that increase with the number of units produced






13. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






15. A firm's portion of the total sales in a market






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






17. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






18. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






19. 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






20. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






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






23. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






25. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






27. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






28. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






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






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






31. Introducing a new product at a low price in hopes of building sales volume quickly






32. Marketers focus on stimulating demand for the new product






33. In a ____ authority originates at the top and moves downward in a line.






34. Top management team of a corporation






35. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






37. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






39. The four key elements of marketing strategy: product - price - distribution - and promotion






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






41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






42. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






43. Study of statistical characteristics of a population






44. Objective that a business hopes and plans to achieve






45. Ratio between net income after taxes and net sales; also known as profit margin






46. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






48. 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






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






50. Nonsales communication that businesses have with their various audiences