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. Physical products purchased by companies to produce other products






2. Customer value created by converting raw materials and other inputs into finished goods and services






3. Markets focus on increasing the product's market share






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






5. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






6. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






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






9. In a ____ authority originates at the top and moves downward in a line.






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






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






12. Categorization of customers according to their geographical location






13. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






14. The way a manager teats and directs employees






15. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






16. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






18. Form of nonstore retailing in which the telephone is used to sell directly to consumers






19. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






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






22. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






23. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






24. Assets - liabilities = owner's equity

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25. Physical products purchased by consumers for personal use






26. Marketing efforts to attract people and organizations to a particular geographical area






27. Product made or grown domestically but sold abroad






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






29. An increase in liabilities






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






31. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






32. Process through which a manager allocates work to subordinates






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






34. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






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






37. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






38. Larger visual and multimedia ads that appear on websites






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






40. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






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






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






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






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






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






46. 12 month accounting period that begins on January 1 and ends on December 31






47. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






48. 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






49. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






50. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.