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. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






2. 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.






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






4. Choosing one alternative from among several options






5. Management process of monotoring an organization's performance to ensure that it is meeting its goals






6. The willingness and ability of buyers to purchase a good or service






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






8. Stems from personal trust and respect members have for the leader






9. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






10. Transferring work to another country






11. 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






12. Postsales reductions in price - must be applied for by the purchaser






13. A forecast of financial requirements and the financing sources to be used






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






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






16. Planned economic system in which the government owns and operates only selected major sources of production






17. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






18. Owner of shares of stock in a corporation






19. Vying among businesses for the same resources or customers






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






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






22. 12 month accounting period that begins on January 1 and ends on December 31






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






24. 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






25. Characteristic of centralized companies with multiple layers of management






26. Ratio between net income after taxes and net sales; also known as profit margin






27. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






28. People are internally motivated






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






30. Personal communication between a seller and one or more potential buyers






31. Organization's methods for dealing with emergencies






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






33. Creating a flatter organization structure normally cutting out middle management






34. Goal set for the very near future






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






36. Portion of a brand that can be expressed orally - including letters - words - or numbers






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






38. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






39. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






40. Body of decisions handed down by courts ruling on individual cases






41. Introductory stage - growth stage - maturity stage - decline stage






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






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






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






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






46. An extra amount of time granted to a party to make a payment






47. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






48. Product made or grown domestically but sold abroad






49. Strategy in which two or more organizations collaborate on a project for mutual gain






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