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. Charging a high price for a new product during the introductory stage and lowering the price later






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






3. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






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






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






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






8. A series of related products offered by a firm






9. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






10. Manager responsible for supervising the work of employees






11. An increase in liabilities






12. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






13. A leadership style where the manager is directive and controlling






14. Mechanism for exchange between buyers and sellers of a particular good or service






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






16. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






17. Assets - liabilities = owner's equity

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18. Portion of a brand that cannot be expressed verbally






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






20. Continually adjusting prices to reflect changes in supply and demand






21. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






22. A Theory Y manager is most likely to ____.






23. Expensive - rarely purchased good or service






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






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






26. The level of joblessness among people actively seeking work in an economic system






27. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






31. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






32. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






33. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






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






36. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






38. Process through which a manager allocates work to subordinates






39. Small groups in the same work area that have scheduled meetings about problems and how to fix them






40. Physical products purchased by consumers for personal use






41. Personal communication between a seller and one or more potential buyers






42. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






44. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






45. Body of decisions handed down by courts ruling on individual cases






46. 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.






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






48. Portion of a brand that can be expressed orally - including letters - words - or numbers






49. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






50. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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