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. Informal communication between customers and potential customers






2. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






3. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






5. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






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






8. Postsales reductions in price - must be applied for by the purchaser






9. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






10. Roles of shareholders - directors - and other managers in corporate decision making and accountability






11. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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






13. Advertising designed to encourage customers to try new products or to switch brands






14. 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






15. Manager responsible for supervising the work of employees






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






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






18. Strategy in which two or more organizations collaborate on a project for mutual gain






19. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






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






21. Process of scanning the business environment for threats and opportunities






22. The willingness and ability of buyers to purchase a good or service






23. Informal work groups can affect ____.






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






25. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






26. 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






27. A series of related products offered by a firm






28. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






29. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






30. Exchange of value between parties






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






32. 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






33. Management process of determining what an organization needs to do and how best to get it done






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






35. Occurs when widespread price increases occur throughout an economic system






36. Positive reinforcement - negative reinforcement - punishment






37. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






39. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






40. Payments other than wages or salaries - other benefits






41. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






42. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






43. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






45. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






47. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






48. Selling or supporting the sales process over the telephone






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






50. 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