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. Law made by the authority of administrative agencies






2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






4. Amounts that are currently due to a company






5. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






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






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. An action is morally correct - when - among the people it affects...






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






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






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






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






14. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






15. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






16. Transferring work to another country






17. Manager responsible for supervising the work of employees






18. Results from the leader's ability to give or withhold rewards






19. 12 month accounting period that begins on January 1 and ends on December 31






20. Making decisions without consulting anyone






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






22. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






23. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






24. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






26. Unwelcome sexual advances in the workplace






27. Positive reinforcement - negative reinforcement - punishment






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






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






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






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






32. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






34. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






36. 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






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






38. Business costs that remain constant regardless of the number of units produced






39. Diagram depicting a company's structure and showing employees where they fit into its operations






40. 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






41. Partnership between two or more companies to closely link their brand names together for a single product






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






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






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






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






46. 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






47. People are lazy






48. Specific customer groups or segments to whom a company wants to sell a particular product






49. A business that is involvec with moving goods from producers to consumers






50. Skills in defining problems and selecting the best courses of action