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. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






2. Applying a successful brand name to a new product category






3. 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






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






5. This law guards against false advertising.






6. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






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






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






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






10. Process of converting government enterprises into privately owned companies






11. 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






12. Economic system that allows individuals to pursue their own interests without undue governmental restriction






13. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






15. Authority granted to committees or teams involved in a firm's daily operations






16. Product - price - distribution - customer communication

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17. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






18. A period during which aggregate output - as measured by GDP - declines






19. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






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






21. Online ads that are linked to search engine results or website content






22. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






23. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






24. Compensation other than wages and salaries






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






26. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






27. 12 month accounting period that begins on January 1 and ends on December 31






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






29. An increase in liabilities






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






31. Exchange of value between parties






32. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






34. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






35. Alternative plans to be implemented if uncontrollable event occur






36. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






38. 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






39. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






40. Communications channels - such as newspapers - radio - and television






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






42. Making decisions without consulting anyone






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






44. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






46. A short - specific written statement of the reason a business exists and what it wants to achieve.






47. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






48. 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






49. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






50. The quantity of a good that an average worker can produce in an hour