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. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






2. Economy in which individuals control production and allocation decisions through supply and demand






3. Senior company managers who serve on the company's board of directors are known as ____.






4. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






6. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






7. Customer value created when someone takes ownership of a product






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






9. Personal communication between a seller and one or more potential buyers






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






11. Specification of the jobs to be done within an organization and the ways in which they relate to one another






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






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






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






15. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






16. Product made or grown abroad but sold domestically






17. Assets = liabilities + owner's equity






18. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






19. The ability to carry out a task






20. Nonsales communication that businesses have with their various audiences






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






22. Where products are conveniently placed for customers






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






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






25. Ratio between net income after taxes and total owners' equity; also known as return on equity






26. 12 month accounting period that begins on January 1 and ends on December 31






27. Management process of determining what an organization needs to do and how best to get it done






28. Provides protection for the product - makes products easier to display - and attracts attention






29. Informal work groups can affect ____.






30. Informal communication between customers and potential customers






31. A firm's portion of the total sales in a market






32. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






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






34. Study of statistical characteristics of a population






35. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






37. 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






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






39. Occurs when two companies form one corporation






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






41. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






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






45. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






47. Offering a temporary reduction in price






48. Goal set for an extended time - typically 5 years or more in the future






49. 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






50. Online ads that are linked to search engine results or website content