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. 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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2. Elimination of rules that restrict business activity






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






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






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






6. Brands owned by the manufacturers and distributed nationally






7. The quantity of a good that an average worker can produce in an hour






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






9. Law created by consistitution(s) or by federal - state - or local legislative acts






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






11. Exchange of value between parties






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






13. Difference of revenues - costs - and profit from the planned amounts.






14. Loss of brand identity and the cannibalization of sales of other products in the product line






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






16. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






17. Somethings needed by a community and provided by its government






18. Vying among businesses for the same resources or customers






19. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






20. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






21. Nonsales communication that businesses have with their various audiences






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






23. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






24. Discount offered by producers to wholesalers and retailers






25. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






26. A leadership style where the manager is directive and controlling






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






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






29. Electronic media that invite participation by the general public






30. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






34. Money paid to acquire something of permanent value in a business






35. Transferring work to another country






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






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






38. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






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






41. Economy in which individuals control production and allocation decisions through supply and demand






42. A measure of the sensitivity of demand to changes in price






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






44. The ability to carry out a task






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






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






47. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






48. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






49. One seller of a product - denies people competition and is against the law (They can typically raise prices)






50. A series of related products offered by a firm







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Can you answer 50 questions in 15 minutes?


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