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. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






3. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






5. 12 month accounting period that begins on January 1 and ends on December 31






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






7. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






9. Advertising sent directly to potential customers - usually through the mail






10. Marketers focus on stimulating demand for the new product






11. Power of a good or services to satisfy a human need






12. The combined use of tactical and strategic management






13. This law guards against false advertising.






14. Selling or supporting the sales process over the telephone






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






16. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






17. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






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






19. Systems for moving goods and services from producers to customers; also known as marketing channels






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






21. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






22. A group of customer who need or want a particular product and have the money to buy it






23. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






24. 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






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






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






27. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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28. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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29. Beliefs about what is right or wrong and good or bad in actions that affect others






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






31. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






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






33. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






34. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






36. Product that is dissimilar from those of competitors but than can fulfill the same need






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






38. Manager responsible for supervising the work of employees






39. Top manager who is responsible for the overall performance of a corporation






40. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






41. Positive reinforcement - negative reinforcement - punishment






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






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






44. Customer value created by converting raw materials and other inputs into finished goods and services






45. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






46. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






47. People are lazy






48. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






49. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






50. Any 12 consecutive months used as an accounting period