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. A firm's portion of the total sales in a market






2. Where products are conveniently placed for customers






3. 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






4. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






6. Vying among businesses for the same resources or customers






7. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






8. The act of transferring net revenue and expense account balances to retained earnings for the period






9. Business costs that remain constant regardless of the number of units produced






10. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






12. Goal set for the very near future






13. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






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






15. Organization in which most decision-making authority is held by upper-level management






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






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






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






19. The way you live as measure by the kinds and quality of goods and services you can afford






20. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






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






23. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






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






26. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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27. Electronic media that invite participation by the general public






28. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






29. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






30. Categorization of customers according to their geographical location






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






32. Skills in defining problems and selecting the best courses of action






33. Categorization of customers according to their relationship with products or response to product characteristics






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






35. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






37. Large-scale production and distribution of a product






38. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






39. Top management team of a corporation






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






41. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






42. Creating a flatter organization structure normally cutting out middle management






43. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






44. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






45. Specific customer groups or segments to whom a company wants to sell a particular product






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






47. The quantity of a good that an average worker can produce in an hour






48. Compensation other than wages and salaries






49. Complete list of all products that a company offers for sale






50. People are internally motivated