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






2. Effective acquisition and use of money






3. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






4. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






5. Management process of determining what an organization needs to do and how best to get it done






6. Occurs when widespread price increases occur throughout an economic system






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






8. People are internally motivated






9. Behavior exhibited by consumers as they consider - select - and purchase goods and services






10. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






11. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






12. Building a specific and unique product to meet the needs of one consumer






13. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






14. Organization's methods for dealing with emergencies






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






16. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






17. 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






18. An increase in liabilities






19. 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.






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






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






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






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






24. Senior company managers who serve on the company's board of directors are known as ____.






25. Intermediary who sells products directly to consumers






26. Customer value created when someone takes ownership of a product






27. Small software programs that provide part of the functionality of a website






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






29. Confusion results if a person reports to two people at once - according to ____.






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






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






32. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






33. Demographics - psychographics - and geographics






34. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






36. Study of statistical characteristics of a population






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






38. A sustained increase in the general level of prices






39. Organization for economic - social - and security cooperation among European nations






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






41. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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






43. The way a manager teats and directs employees






44. In bookkeeping - an increase in assets






45. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






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






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






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






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