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






2. A leadership style where the manager is directive and controlling






3. Product - price - distribution - customer communication

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4. Independent and well informed buyers and sellers of the exact same product (farmers markets)






5. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






6. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






8. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






9. Larger visual and multimedia ads that appear on websites






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






11. Objective that a business hopes and plans to achieve






12. Study of statistical characteristics of a population






13. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






14. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






15. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






16. Manager responsible for a firm's overall performance and effectiveness






17. Payments other than wages or salaries - other benefits






18. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






20. Being accountable or being able to justify an action






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






22. Organization's methods for dealing with emergencies






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






24. Product made or grown domestically but sold abroad






25. Assets - liabilities = owner's equity

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






27. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






28. An increase in liabilities






29. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






30. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






31. Expensive - rarely purchased good or service






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






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






34. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






35. 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.






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






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






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






39. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






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






41. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






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






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






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






46. 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






47. Form of a corporation spanning national boundaries






48. Business costs that remain constant regardless of the number of units produced






49. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






50. Difference of revenues - costs - and profit from the planned amounts.