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. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






2. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






4. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






6. A business that is involvec with moving goods from producers to consumers






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






8. Choosing one alternative from among several options






9. Management process of guiding and motivating employees to meet an organization's objectives






10. Product development stage in which a product is sold on a limited basis - a trial introduction






11. Roles of shareholders - directors - and other managers in corporate decision making and accountability






12. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






13. Lots of leeway to workers to meet goals






14. Process for evaluating proposed investments in select projects that provide the best long-term financial return






15. Changing jobs or tasks from time to time






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






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






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






19. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






20. Selling or supporting the sales process over the telephone






21. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






22. Portion of a brand that cannot be expressed verbally






23. Break-even point = fixed costs/ (selling price - variable costs per unit)






24. Product - price - distribution - customer communication

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25. Process through which a manager allocates work to subordinates






26. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






27. Organization's methods for dealing with emergencies






28. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






29. The level of joblessness among people actively seeking work in an economic system






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






31. Location






32. Market or industry in which there is only one producer that can therefore set the prices on all of its products






33. 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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34. The willingness and ability of buyers to purchase a good or service






35. 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.






36. profitability - liquidity - activities - and leverage/debt






37. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






39. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






40. Elimination of rules that restrict business activity






41. Something that the employee dislikes is taken away






42. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






43. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






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






45. Economic system that allows individuals to pursue their own interests without undue governmental restriction






46. The amount of money charged for a product or service






47. Intermediary who sells products directly to consumers






48. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






50. Amounts that are currently due to a company