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. 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






2. Stems from personal trust and respect members have for the leader






3. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






4. Partner who actively manages a firm and who has unlimited liability for its debts






5. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






7. People are internally motivated






8. Discount offered by producers to wholesalers and retailers






9. Confusion results if a person reports to two people at once - according to ____.






10. Organization for economic - social - and security cooperation among European nations






11. Takes the extractor's products or raw materials and changs the into a form that consumers can use






12. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






13. Good or service used as the basis of commerce






14. Specification of the jobs to be done within an organization and the ways in which they relate to one another






15. Group of small investors who invest money in companies with rapid growth potential






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






17. Product that is dissimilar from those of competitors but than can fulfill the same need






18. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






20. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






21. When organizations change raw materials into finished goods






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






23. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






24. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






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






26. Changing jobs or tasks from time to time






27. The purchase of one company by another






28. Bar codes on product packages that provide information read by optical scanners






29. Independent and well informed buyers and sellers of the exact same product (farmers markets)






30. Ratio between net income after taxes and net sales; also known as profit margin






31. The combined use of tactical and strategic management






32. A group of customer who need or want a particular product and have the money to buy it






33. profitability - liquidity - activities - and leverage/debt






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






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






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






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






38. 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






39. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date






40. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






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






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






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






44. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






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






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






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






50. Activities producing intangible and tangible products - such as entertainment - transportation - and education