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. Markets focus on increasing the product's market share






2. 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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3. 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






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






5. Introducing a new product at a low price in hopes of building sales volume quickly






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






7. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






8. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






9. Form - time - place - possession






10. Top manager who is responsible for the overall performance of a corporation






11. Occurs when two companies form one corporation






12. Brands that have been given legal protection so that their owners have exclusive rights to their use






13. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






14. Organization in which most decision-making authority is held by upper-level management






15. A business that grows products or takes raw material from nature






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






17. Objective that a business hopes and plans to achieve






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






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






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






21. Assets = liabilities + owner's equity






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






23. 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






24. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






26. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






27. Costs created in the process of generating revenues






28. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






30. 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.






31. Obligations that must be next within a year






32. Market or industry characterized by numerous small firms producing an identical product






33. The four key elements of marketing strategy: product - price - distribution - and promotion






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






35. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






36. Being accountable or being able to justify an action






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






38. When organizations change raw materials into finished goods






39. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






41. Business costs that increase with the number of units produced






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






43. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






44. Specific customer groups or segments to whom a company wants to sell a particular product






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






46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






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






48. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






49. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






50. Vying among businesses for the same resources or customers