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






2. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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






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






5. Beliefs about what is right or wrong and good or bad in actions that affect others






6. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






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






8. People are internally motivated






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






10. A measure of the sensitivity of demand to changes in price






11. Break-even point = fixed costs/ (selling price - variable costs per unit)






12. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






14. Internal descriptors such as attitudes - interests - values - behaviors - and habits






15. Form - time - place - possession






16. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






17. When a task is too time consuming for a manager to handle alone - he or she may ____.






18. Economic system that allows individuals to pursue their own interests without undue governmental restriction






19. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






20. 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






21. 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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22. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






23. Payments other than wages or salaries - other benefits






24. Form of nonstore retailing in which the telephone is used to sell directly to consumers






25. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






26. Organization's methods for dealing with emergencies






27. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






28. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






29. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






30. This law guards against false advertising.






31. Unwelcome sexual advances in the workplace






32. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






34. Industry in which one company can most efficiently supply all needed goods or services






35. Activities producing intangible and tangible products - such as entertainment - transportation - and education






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






37. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






38. The creation and sharing of product-related information among customers and potential customers






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






40. A short - specific written statement of the reason a business exists and what it wants to achieve.






41. Process through which a manager allocates work to subordinates






42. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






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






45. Law made by the authority of administrative agencies






46. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






47. Power of a good or services to satisfy a human need






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






49. Use a brand name on a variety of related products






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