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. Bar codes on product packages that provide information read by optical scanners






2. Ratio between net income after taxes and total owners' equity; also known as return on equity






3. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






4. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






5. Any 12 consecutive months used as an accounting period






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






7. Categorization of customers according to their geographical location






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






9. The amount of money charged for a product or service






10. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






11. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






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






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






14. Acquiring funds by selling shares of a company's stock






15. Communications channels - such as newspapers - radio - and television






16. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






18. Offering a temporary reduction in price






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






20. Customer value added by making a product available at a convenient time






21. Introducing a new product at a low price in hopes of building sales volume quickly






22. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






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






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






25. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






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






27. The union of two corporations to form a new corporation






28. A series of related products offered by a firm






29. Activities needed to move a product efficiently from manufacturer to consumer






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






31. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






32. A short - specific written statement of the reason a business exists and what it wants to achieve.






33. Top management team of a corporation






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






35. The way you live as measure by the kinds and quality of goods and services you can afford






36. Obligations that must be next within a year






37. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






39. Product made or grown domestically but sold abroad






40. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






42. Corporation whose stock is widely held and available for sale to the general public






43. A firm's portion of the total sales in a market






44. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






47. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






49. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






50. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives