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. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






2. Form - time - place - possession






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






4. 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






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






6. Assets = liabilities + owner's equity






7. Money paid to acquire something of permanent value in a business






8. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






9. Specific customer groups or segments to whom a company wants to sell a particular product






10. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






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






13. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






14. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






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






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






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






19. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






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






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






22. Advertising intended to remind existing customers of a product's availability and benefits






23. People are internally motivated






24. Legal principal holding owners responsible for paying off all debts of a business






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






26. The way you live as measure by the kinds and quality of goods and services you can afford






27. Selling or supporting the sales process over the telephone






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






29. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






31. Organization in which most decision-making authority is held by upper-level management






32. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






34. Codified rules of behavior enforced by society






35. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






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






38. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






39. Goal set for the very near future






40. Statement of a firm's financial position on a particular date; also known as a statement of financial position






41. 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






42. Certificates that offer discounts on particular items and are redeemed at the time of purchase






43. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






44. An action is morally correct - when - among the people it affects...






45. Agreement to produce and market another company's product in exchange for a royalty or fee






46. A prolonged and deep recession






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






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






49. Categorization of customers according to their geographical location






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