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. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






2. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






3. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






4. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






5. Stocks - bonds - and other investments that can be turned into cash quickly






6. Industry in which one company can most efficiently supply all needed goods or services






7. Law made by the authority of administrative agencies






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






9. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






10. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






11. Form of nonstore retailing in which the telephone is used to sell directly to consumers






12. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






13. 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






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






15. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






16. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






17. When a task is too time consuming for a manager to handle alone - he or she may ____.






18. A Theory Y manager is most likely to ____.






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






20. Product - price - distribution - customer communication

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21. Market or industry characterized by numerous small firms producing an identical product






22. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






24. Management process of monotoring an organization's performance to ensure that it is meeting its goals






25. Goal set for an extended time - typically 5 years or more in the future






26. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






27. 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






28. Authority granted to committees or teams involved in a firm's daily operations






29. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






31. A short - specific written statement of the reason a business exists and what it wants to achieve.






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






33. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






35. The degree to which customers continue to purchase a specific brand






36. Product made or grown abroad but sold domestically






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






38. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






39. Study of statistical characteristics of a population






40. 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






41. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






42. The way a manager teats and directs employees






43. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






44. Reporting relationships within a company






45. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






46. Use a brand name on a variety of related products






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






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

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






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