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 period during which aggregate output - as measured by GDP - declines






2. Current assets minus current liabilities






3. Mix of people in organizations in terms of essential/demographic status






4. The union of two corporations to form a new corporation






5. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






7. 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






8. Business owned and usually operated by one person who is responsible for all its debts






9. Free or bargain-priced items offered to encourage customers to buy a product






10. Law created by consistitution(s) or by federal - state - or local legislative acts






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






12. Expensive - rarely purchased good or service






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






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






15. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






16. Brand awareness - brand preference - brand insistence






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






18. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






19. 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






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






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






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






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






24. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






25. People are lazy






26. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






27. Ratio between net income after taxes and total owners' equity; also known as return on equity






28. Planned economic system in which the government owns and operates only selected major sources of production






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






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






31. Pricing selling one product at a loss as a way to entice customers to consider other products






32. Categorization of customers according to their geographical location






33. Something produced by the intellect or mind that has commercial value






34. The ability to carry out a task






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






36. 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






37. Mechanism for exchange between buyers and sellers of a particular good or service






38. Customer value added by making a product available in a convenient location






39. Electronic media that invite participation by the general public






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






41. A large number of identical products are assembled using a continuous - efficient procedure






42. Assets = liabilities + owner's equity






43. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






44. Market or industry in which there is only one producer that can therefore set the prices on all of its products






45. Acquiring funds by selling shares of a company's stock






46. Offering a temporary reduction in price






47. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






49. Brands owned by the manufacturers and distributed nationally






50. A business firm that does things for you instead of making or makerting products