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






2. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






3. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






4. Statement of a firm's financial position on a particular date; also known as a statement of financial position






5. Organization's methods for dealing with emergencies






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






7. Brands owned by the manufacturers and distributed nationally






8. Behavior exhibited by consumers as they consider - select - and purchase goods and services






9. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






10. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






13. Offering a temporary reduction in price






14. Delegating more power to employees






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






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






17. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






18. 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






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






20. The combined use of tactical and strategic management






21. Marketing efforts to attract people and organizations to a particular geographical area






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






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






24. A business that grows products or takes raw material from nature






25. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






26. Corporation whose stock is widely held and available for sale to the general public






27. Sales volume at a given price that will cover all of a company's costs






28. Assets = liabilities + owner's equity






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






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






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






32. Costs created in the process of generating revenues






33. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






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






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






37. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






39. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






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






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






42. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






43. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






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






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






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






48. An extra amount of time granted to a party to make a payment






49. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






50. The ability to carry out a task