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






2. 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






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






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






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






6. Product made or grown domestically but sold abroad






7. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






8. Customer value created by converting raw materials and other inputs into finished goods and services






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






10. A prolonged and deep recession






11. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






12. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






13. Acquiring funds through borrowing






14. This level of management includes department heads and district sales managers.






15. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






16. profitability - liquidity - activities - and leverage/debt






17. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






18. Physical products purchased by consumers for personal use






19. Cost of goods sold = beginning inventory + net purchases - ending inventory






20. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






21. Manager responsible for supervising the work of employees






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






23. A period during which aggregate output - as measured by GDP - declines






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






25. Somethings needed by a community and provided by its government






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






27. Amounts that are currently due to a company






28. Brand awareness - brand preference - brand insistence






29. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






30. Media: news release; audience: broad - intensity: passive - active; purpose: inform






31. Advertising sent directly to potential customers - usually through the mail






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






33. Mechanism for exchange between buyers and sellers of a particular good or service






34. Specification of the jobs to be done within an organization and the ways in which they relate to one another






35. Effective acquisition and use of money






36. Elimination of rules that restrict business activity






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






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






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






40. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






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






42. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






43. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






44. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






45. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






47. Formal agreement to set prices. Sometimes illegal - but is typically secretive






48. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






49. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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