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. Occurs when two companies form one corporation






2. Agreement to produce and market another company's product in exchange for a royalty or fee






3. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






4. Power to make the decisions necessary to complete a task






5. The price of your nation's currency is in terms of another nation's currency






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






7. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






10. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






11. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






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






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






15. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






16. Assets = liabilities + owner's equity






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






18. Elimination of rules that restrict business activity






19. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






20. Goal set for an extended time - typically 5 years or more in the future






21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






22. Use a brand name on a variety of related products






23. Product made or grown abroad but sold domestically






24. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






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






26. Electronic media that invite participation by the general public






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






28. Products characterized by a plain label - with no advertising and no brand name






29. Sales volume at a given price that will cover all of a company's costs






30. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






31. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






32. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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33. 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






34. Customer value added by making a product available in a convenient location






35. Form of a corporation spanning national boundaries






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






37. Categorization of customers according to their relationship with products or response to product characteristics






38. Complete list of all products that a company offers for sale






39. Group of small investors who invest money in companies with rapid growth potential






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






41. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






42. Product made or grown domestically but sold abroad






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






44. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






46. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






48. Stocks - bonds - and other investments that can be turned into cash quickly






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






50. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth