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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 focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






2. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






3. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






4. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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

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6. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






7. Corporation whose stock is held by only a few people and is not available for sale to the general public






8. Charging a high price for a new product during the introductory stage and lowering the price later






9. Product - price - distribution - customer communication

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






11. A leadership style where managers are less directive and involved employees in decision making






12. Illegal practice of using special knowledge about a firm for profit or gain






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






14. Selling one product at a loss as a way to entice customers to consider other products






15. Managers and workers cooperating as a team






16. The movement of an economy from one condition to another and back again






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






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






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






21. Physical products purchased by consumers for personal use






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






23. Senior company managers who serve on the company's board of directors are known as ____.






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






25. Product made or grown domestically but sold abroad






26. Using relative information to predict how many jobs will be needed






27. 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






28. Inexpensive good or service purchased and consumed rapidly and regularly






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. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






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






33. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






34. Corporation whose stock is widely held and available for sale to the general public






35. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






37. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






38. Nonsales communication that businesses have with their various audiences






39. Court-granted permission for a company to not pay some or all debts






40. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






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






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






44. All the operating expenses associated with marketing goods or services






45. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






46. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






47. Acquiring funds through borrowing






48. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






49. A series of related products offered by a firm






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







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