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. Categorization of customers according to their relationship with products or response to product characteristics






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






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






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






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






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






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






8. Marketers focus on stimulating demand for the new product






9. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






10. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






11. A period during which aggregate output - as measured by GDP - declines






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






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






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






15. A forecast of financial requirements and the financing sources to be used






16. When organizations change raw materials into finished goods






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






18. A business that grows products or takes raw material from nature






19. 12 month accounting period that begins on January 1 and ends on December 31






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






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






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






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






24. Ratios that measure the effectiveness of the firm's use of its resources






25. Sales promotion aimed at final consumers






26. Managers and workers cooperating as a team






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






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






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






30. Formal agreement to set prices. Sometimes illegal - but is typically secretive






31. Organization for economic - social - and security cooperation among European nations






32. Specific customer groups or segments to whom a company wants to sell a particular product






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






34. Claims against a firm's assets by creditors - such as banks and suppliers






35. Business owned and usually operated by one person who is responsible for all its debts






36. Business costs that increase with the number of units produced






37. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






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






39. Bar codes on product packages that provide information read by optical scanners






40. The price of your nation's currency is in terms of another nation's currency






41. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






43. 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






44. Promotional campaigns that send information only to those people who've specifically asked to receive it






45. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






46. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






47. Customer value added by making a product available at a convenient time






48. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






50. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.