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. 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.






2. Electronic media that invite participation by the general public






3. Form - time - place - possession






4. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






5. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






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






8. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






9. Postsales reductions in price - must be applied for by the purchaser






10. 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






11. The act of transferring net revenue and expense account balances to retained earnings for the period






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






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






14. Expensive - rarely purchased good or service






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






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






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






18. Inexpensive good or service purchased and consumed rapidly and regularly






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






20. Brands owned by the manufacturers and distributed nationally






21. Categorization of customers according to their geographical location






22. Strategy in which two or more organizations collaborate on a project for mutual gain






23. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






24. Corporation whose stock is widely held and available for sale to the general public






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






26. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






28. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






29. Portion of a brand that cannot be expressed verbally






30. Intermediary who sells products to other businesses for resale to final consumers






31. Introducing a new product at a low price in hopes of building sales volume quickly






32. 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






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






34. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






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






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






37. Industry in which one company can most efficiently supply all needed goods or services






38. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






39. 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






40. Process of dealing with employees who are represented by a union






41. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






42. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






43. Introductory stage - growth stage - maturity stage - decline stage






44. The willingness and ability of producers to offer a good or service for sale






45. Occurs when widespread price increases occur throughout an economic system






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






47. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






49. Systems for moving goods and services from producers to customers; also known as marketing channels






50. Top management team of a corporation