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






2. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






3. Larger visual and multimedia ads that appear on websites






4. Reporting relationships within a company






5. Informal communication between customers and potential customers






6. Power of a good or services to satisfy a human need






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






8. Good or service used as the basis of commerce






9. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






10. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






11. Compensation other than wages and salaries






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






13. The company founder is no longer solely responsible for all decision making during the ____.






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






15. The ability to carry out a task






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






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






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






19. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






21. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






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






24. Product - price - distribution - customer communication

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






26. Brand awareness - brand preference - brand insistence






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






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






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






30. Behavior exhibited by consumers as they consider - select - and purchase goods and services






31. Acquiring funds through borrowing






32. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






33. Court-granted permission for a company to not pay some or all debts






34. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






35. Portion of a brand that can be expressed orally - including letters - words - or numbers






36. Manager responsible for supervising the work of employees






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






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






39. In bookkeeping - an increase in assets






40. Offering a temporary reduction in price






41. An increase in liabilities






42. Where products are conveniently placed for customers






43. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






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






46. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






47. Portion of a brand that cannot be expressed verbally






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






49. 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






50. Elimination of rules that restrict business activity