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. Portion of a brand that cannot be expressed verbally






2. 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






3. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






5. Process through which a manager allocates work to subordinates






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






7. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






8. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






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






10. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






12. Ratio between net income after taxes and net sales; also known as profit margin






13. A sustained increase in the general level of prices






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






15. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






17. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






18. 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.






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






20. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






21. A series of related products offered by a firm






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






23. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






25. Demographics - psychographics - and geographics






26. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






27. The process of comparing an organization's products or services and processes with those of another companies






28. Discount offered by producers to wholesalers and retailers






29. Marketing efforts to attract people and organizations to a particular geographical area






30. Acquiring funds through borrowing






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






32. Behavior exhibited by consumers as they consider - select - and purchase goods and services






33. The collection and analysis of information for making marketing decisions






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






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






36. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






37. Assets = liabilities + owner's equity






38. Ethical or unethical behaviors by employees in the context of their jobs






39. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






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






42. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






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






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






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






46. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






47. Any 12 consecutive months used as an accounting period






48. Being accountable or being able to justify an action






49. Rewarded for good performance; something the employee likes is praised






50. Confusion results if a person reports to two people at once - according to ____.