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. Skills in defining problems and selecting the best courses of action






2. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






3. Something produced by the intellect or mind that has commercial value






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






5. Physical products purchased by consumers for personal use






6. Small groups in the same work area that have scheduled meetings about problems and how to fix them






7. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






8. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






9. Market or industry in which there is only one producer that can therefore set the prices on all of its products






10. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






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






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






13. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






14. Cash and items that can be turned into cash within one year






15. Partner who actively manages a firm and who has unlimited liability for its debts






16. Method of calculating the minimum volume of sales needed at a given price to cover all costs






17. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






19. Physical products purchased by companies to produce other products






20. A large number of identical products are assembled using a continuous - efficient procedure






21. Promotional campaigns that send information only to those people who've specifically asked to receive it






22. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






24. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






26. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






27. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






28. 12 month accounting period that begins on January 1 and ends on December 31






29. A Theory Y manager is most likely to ____.






30. 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






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






32. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






33. Brands owned by the manufacturers and distributed nationally






34. Product made or grown abroad but sold domestically






35. 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






36. Location






37. Using relative information to predict how many jobs will be needed






38. Small software programs that provide part of the functionality of a website






39. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






40. Claims against a firm's assets by creditors - such as banks and suppliers






41. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






42. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






43. Manager responsible for supervising the work of employees






44. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






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






47. Building a specific and unique product to meet the needs of one consumer






48. A sustained increase in the general level of prices






49. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






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