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






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






4. Process of scanning the business environment for threats and opportunities






5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






6. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






8. Acquiring funds through borrowing






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






10. Large-scale production and distribution of a product






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






12. Money paid to acquire something of permanent value in a business






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






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






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






16. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






17. Form - time - place - possession






18. Form of a corporation spanning national boundaries






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






20. Advertising designed to encourage customers to try new products or to switch brands






21. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






22. Physical products purchased by consumers for personal use






23. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






24. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






25. Individuals or households that buy goods and services for personal use






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






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






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






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






30. Positive reinforcement - negative reinforcement - punishment






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






32. Intermediary who sells products to other businesses for resale to final consumers






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






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






35. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






36. Difference of revenues - costs - and profit from the planned amounts.






37. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






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






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






41. The movement of an economy from one condition to another and back again






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






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






44. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






46. Ratios that measure a firm's reliance on debt financing of its operations






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






48. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






49. Illegal practice of using special knowledge about a firm for profit or gain






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