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. Behavior exhibited by consumers as they consider - select - and purchase goods and services






2. Physical products purchased by consumers for personal use






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






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






5. Customer value created by converting raw materials and other inputs into finished goods and services






6. Stocks - bonds - and other investments that can be turned into cash quickly






7. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






8. Where products are conveniently placed for customers






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






10. A series of related products offered by a firm






11. Codified rules of behavior enforced by society






12. Characteristic of centralized companies with multiple layers of management






13. Arises when group members recognize that the leader has special expertise in the area






14. Top manager who is responsible for the overall performance of a corporation






15. Process by which the world is becoming a single interdependent system






16. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






18. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






19. Advertising sent directly to potential customers - usually through the mail






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






21. Obligations that must be next within a year






22. Positive reinforcement - negative reinforcement - punishment






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






24. Measures income earned on owners' investment - formula: Net income/total owners' equity






25. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






27. Vying among businesses for the same resources or customers






28. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






30. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






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






32. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






33. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






34. Complete list of all products that a company offers for sale






35. Strategy whereby a firm sells one or more of its business units






36. Ratio between net income after taxes and net sales; also known as profit margin






37. Product that is dissimilar from those of competitors but than can fulfill the same need






38. Ethical or unethical behaviors by employees in the context of their jobs






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






40. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






42. Creating a flatter organization structure normally cutting out middle management






43. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






45. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






46. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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47. Transferring work to another country






48. Offering a temporary reduction in price






49. Body of decisions handed down by courts ruling on individual cases






50. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data