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. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






2. Claims against a firm's assets by creditors - such as banks and suppliers






3. Brand awareness - brand preference - brand insistence






4. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






6. 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






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






8. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






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






10. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






11. Physical products purchased by consumers for personal use






12. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






13. Manager responsible for supervising the work of employees






14. Product made or grown domestically but sold abroad






15. 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






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






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






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






19. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






20. 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






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






22. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






23. Codified rules of behavior enforced by society






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






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






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






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






28. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






29. Industry in which one company can most efficiently supply all needed goods or services






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






31. The willingness and ability of buyers to purchase a good or service






32. Free or bargain-priced items offered to encourage customers to buy a product






33. Discount offered by producers to wholesalers and retailers






34. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






35. Acquiring funds by selling shares of a company's stock






36. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






38. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






39. External statistical descriptors such as age - income - gender - and profession






40. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






41. 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






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






43. Offering a temporary reduction in price






44. Use a brand name on a variety of related products






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






46. Ratio between net income after taxes and total owners' equity; also known as return on equity






47. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






50. Management process of guiding and motivating employees to meet an organization's objectives