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. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






3. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






4. Authority granted to committees or teams involved in a firm's daily operations






5. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






6. Marketers focus on stimulating demand for the new product






7. Positive reinforcement - negative reinforcement - punishment






8. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






9. Location






10. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






12. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






13. Management process of guiding and motivating employees to meet an organization's objectives






14. 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






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






16. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






17. One seller of a product - denies people competition and is against the law (They can typically raise prices)






18. Manager responsible for supervising the work of employees






19. Categorization of customers according to their geographical location






20. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






22. Demographics - psychographics - and geographics






23. Choosing one alternative from among several options






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






25. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






26. Strategy whereby a firm sells one or more of its business units






27. Making decisions without consulting anyone






28. People are lazy






29. Individuals or households that buy goods and services for personal use






30. Online ads that are linked to search engine results or website content






31. Partner who actively manages a firm and who has unlimited liability for its debts






32. 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






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






34. Changes the form of material so they can be consumed or used to manufacture other products






35. Top management team of a corporation






36. Market or industry characterized by numerous small firms producing an identical product






37. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






38. Method of calculating the minimum volume of sales needed at a given price to cover all costs






39. Markets focus on increasing the product's market share






40. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






42. 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






43. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






44. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






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






47. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






49. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






50. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives