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. Managers who develop and implement a complete strategy and marketing program for specific products or brands






2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






3. Continually adjusting prices to reflect changes in supply and demand






4. 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






5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






6. Intermediary who sells products directly to consumers






7. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






9. Alternative plans to be implemented if uncontrollable event occur






10. Mix of people in organizations in terms of essential/demographic status






11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






12. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






13. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






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






16. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






17. Loss of brand identity and the cannibalization of sales of other products in the product line






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






19. People are lazy






20. External statistical descriptors such as age - income - gender - and profession






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






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






23. Group of small investors who invest money in companies with rapid growth potential






24. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






26. Large-scale production and distribution of a product






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






28. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






29. Transferring work to another country






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






31. Market or industry characterized by numerous small firms producing an identical product






32. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






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






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






36. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






37. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






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






40. Power to make the decisions necessary to complete a task






41. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






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






43. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






44. Physical products purchased by companies to produce other products






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






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






47. Occurs when two companies form one corporation






48. The value that a company has built up in a brand






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






50. Products characterized by a plain label - with no advertising and no brand name