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. Pricing selling one product at a loss as a way to entice customers to consider other products






2. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






3. All the operating expenses associated with marketing goods or services






4. Partner who actively manages a firm and who has unlimited liability for its debts






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






6. Costs created in the process of generating revenues






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






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






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






10. A sustained increase in the general level of prices






11. Product that is dissimilar from those of competitors but than can fulfill the same need






12. Product development stage in which a product is sold on a limited basis - a trial introduction






13. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






15. The process of comparing an organization's products or services and processes with those of another companies






16. 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.






17. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






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






19. Claims against a firm's assets by creditors - such as banks and suppliers






20. Planned economic system in which the government owns and operates only selected major sources of production






21. 12 month accounting period that begins on January 1 and ends on December 31






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






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






24. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






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






26. People are internally motivated






27. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






28. Owner of shares of stock in a corporation






29. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






30. Categorization of customers according to their geographical location






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






32. Law created by consistitution(s) or by federal - state - or local legislative acts






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






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






35. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






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






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






39. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






40. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






42. Systems for moving goods and services from producers to customers; also known as marketing channels






43. Identification and marketing of a social issues - cause - or idea to selected target markets






44. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






45. Results from the leader's ability to give or withhold rewards






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






47. Characteristic of decentralized companies with relatively few layers of management






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






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






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