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. Expensive - rarely purchased good or service






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






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






4. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






6. The collection and analysis of information for making marketing decisions






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






8. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






10. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






11. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






12. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






13. Introductory stage - growth stage - maturity stage - decline stage






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






15. Diagram depicting a company's structure and showing employees where they fit into its operations






16. Unwelcome sexual advances in the workplace






17. A business firm that does things for you instead of making or makerting products






18. A measure of the sensitivity of demand to changes in price






19. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






21. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






23. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






24. Categorization of customers according to their geographical location






25. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






26. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






28. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






29. When a task is too time consuming for a manager to handle alone - he or she may ____.






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






31. Costs created in the process of generating revenues






32. 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






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






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






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






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






37. Type of partnership consisting of limited partners and a general (or active) partner






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






39. Promotional campaigns that send information only to those people who've specifically asked to receive it






40. Good or service used as the basis of commerce






41. Manager responsible for implementing the strategies and working toward the goals set by top managers






42. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






43. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






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






46. This law guards against false advertising.






47. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






48. Informal communication between customers and potential customers






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