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. Physical products purchased by companies to produce other products






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






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






4. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






5. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






7. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






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






10. All costs of operation that are not included under cost of goods sold






11. Changing jobs or tasks from time to time






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






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






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






15. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






16. Authority granted to committees or teams involved in a firm's daily operations






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






18. Goal set for an extended time - typically 5 years or more in the future






19. Characteristic of decentralized companies with relatively few layers of management






20. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






21. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






22. When organizations change raw materials into finished goods






23. A prolonged and deep recession






24. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






26. A detailed series of related steps or tasks written to implement a policy is called a ____.






27. The degree to which customers continue to purchase a specific brand






28. Discount offered by producers to wholesalers and retailers






29. Positive reinforcement - negative reinforcement - punishment






30. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






32. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






34. Product - price - distribution - customer communication


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






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






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






38. Law made by the authority of administrative agencies






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






40. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






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






43. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






44. Portion of a brand that cannot be expressed verbally






45. Process of converting government enterprises into privately owned companies






46. Assets = liabilities + owner's equity






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






48. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






49. Management process of guiding and motivating employees to meet an organization's objectives






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