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. Physical products purchased by companies to produce other products






2. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






3. The way a manager teats and directs employees






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






5. The level of joblessness among people actively seeking work in an economic system






6. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






7. Occurs when two companies form one corporation






8. Study of statistical characteristics of a population






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






10. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






12. The degree to which customers continue to purchase a specific brand






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






14. Product made or grown abroad but sold domestically






15. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






17. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






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






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






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






21. Roles of shareholders - directors - and other managers in corporate decision making and accountability






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






23. Ratios that measure a firm's reliance on debt financing of its operations






24. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






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






27. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






28. Introducing a new product at a low price in hopes of building sales volume quickly






29. Strategic alliance in which the collaboration involves joint ownership of the new venture






30. Form - time - place - possession






31. A measure of the sensitivity of demand to changes in price






32. Pricing selling one product at a loss as a way to entice customers to consider other products






33. Loss of brand identity and the cannibalization of sales of other products in the product line






34. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






35. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






37. Brands owned by the manufacturers and distributed nationally






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. Charging a high price for a new product during the introductory stage and lowering the price later






40. Choosing one alternative from among several options






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






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






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






44. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






45. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






46. In a ____ authority originates at the top and moves downward in a line.






47. Systems for moving goods and services from producers to customers; also known as marketing channels






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






49. Process by which the world is becoming a single interdependent system






50. Money paid to acquire something of permanent value in a business