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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. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






3. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






5. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






6. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






7. Portion of a brand that cannot be expressed verbally






8. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






9. Codified rules of behavior enforced by society






10. 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






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

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12. Process of converting government enterprises into privately owned companies






13. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






14. Free or bargain-priced items offered to encourage customers to buy a product






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






16. Product made or grown abroad but sold domestically






17. Acquiring funds by selling shares of a company's stock






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






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






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






21. 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






22. Planned economic system in which the government owns and operates only selected major sources of production






23. Partnership between two or more companies to closely link their brand names together for a single product






24. 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






25. 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.






26. Obligation employees have to their manager for the successful completion of an assigned task






27. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






29. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






30. Compensation other than wages and salaries






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






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






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






34. Diagram depicting a company's structure and showing employees where they fit into its operations






35. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






37. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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






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






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






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






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






44. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






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






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






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






49. The ability to get others to accoplish tasks because of the position the leader holds






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







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Can you answer 50 questions in 15 minutes?


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