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. Product development stage in which a product is sold on a limited basis - a trial introduction






2. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






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






4. 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






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






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






7. Location






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






9. Selling one product at a loss as a way to entice customers to consider other products






10. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






11. Inexpensive good or service purchased and consumed rapidly and regularly






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






13. Introductory stage - growth stage - maturity stage - decline stage






14. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






15. Method of calculating the minimum volume of sales needed at a given price to cover all costs






16. Informal communication between customers and potential customers






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






18. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






20. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






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






23. The purchase of one company by another






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






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






26. Offering a temporary reduction in price






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






28. Larger visual and multimedia ads that appear on websites






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






30. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






32. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






33. One seller of a product - denies people competition and is against the law (They can typically raise prices)






34. Arises when group members recognize that the leader has special expertise in the area






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






36. Good or service used as the basis of commerce






37. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






38. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






39. A large number of identical products are assembled using a continuous - efficient procedure






40. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






41. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






42. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






43. Process of dealing with employees who are represented by a union






44. Electronic media that invite participation by the general public






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






46. Form of a corporation spanning national boundaries






47. In bookkeeping - an increase in assets






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






49. Intermediary who sells products to other businesses for resale to final consumers






50. Portion of a brand that cannot be expressed verbally