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. Selling or supporting the sales process over the telephone






2. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






4. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






6. 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






7. Electronic media that invite participation by the general public






8. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






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






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






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






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






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






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






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






17. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






18. Stocks - bonds - and other investments that can be turned into cash quickly






19. The ability to carry out a task






20. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






21. Form of a corporation spanning national boundaries






22. Manager responsible for supervising the work of employees






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






24. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






25. Payments other than wages or salaries - other benefits






26. Costs created in the process of generating revenues






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






28. Cost of producing or acquiring a company's products for sale during a given period






29. Top management team of a corporation






30. Mix of people in organizations in terms of essential/demographic status






31. Physical products purchased by companies to produce other products






32. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






33. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






34. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






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






37. Ethical or unethical behaviors by employees in the context of their jobs






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






39. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






40. Process through which a manager allocates work to subordinates






41. Using relative information to predict how many jobs will be needed






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






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






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






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






46. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






48. Obligation employees have to their manager for the successful completion of an assigned task






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






50. Codified rules of behavior enforced by society