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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. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






3. This level of management includes department heads and district sales managers.






4. Physical products purchased by consumers for personal use






5. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






6. The way a manager teats and directs employees






7. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






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






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






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






12. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






14. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






15. Selling method in which the price is set by customers bidding against each other






16. Small groups in the same work area that have scheduled meetings about problems and how to fix them






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

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18. Positive reinforcement - negative reinforcement - punishment






19. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






20. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






22. Process for evaluating proposed investments in select projects that provide the best long-term financial return






23. Marketers focus on stimulating demand for the new product






24. Objective that a business hopes and plans to achieve






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






26. Selling or supporting the sales process over the telephone






27. Payments other than wages or salaries - other benefits






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






29. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






31. Organization in which most decision-making authority is held by upper-level management






32. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






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






34. Independent and well informed buyers and sellers of the exact same product (farmers markets)






35. Specification of the jobs to be done within an organization and the ways in which they relate to one another






36. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






37. Communications channels - such as newspapers - radio - and television






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






39. Applying a successful brand name to a new product category






40. Break-even point = fixed costs/ (selling price - variable costs per unit)






41. Characteristic of decentralized companies with relatively few layers of management






42. 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.






43. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






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






45. profitability - liquidity - activities - and leverage/debt






46. Manager responsible for a firm's overall performance and effectiveness






47. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






48. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






49. The company founder is no longer solely responsible for all decision making during the ____.






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







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Can you answer 50 questions in 15 minutes?


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