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. Industry in which one company can most efficiently supply all needed goods or services






2. Characteristic of centralized companies with multiple layers of management






3. Brand awareness - brand preference - brand insistence






4. Expensive - rarely purchased good or service






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






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






7. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






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






9. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






10. 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






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






12. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






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






14. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






15. Markets focus on increasing the product's market share






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






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






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






19. Reporting relationships within a company






20. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






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






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






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






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






25. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






27. Mechanism for exchange between buyers and sellers of a particular good or service






28. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






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






31. 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






32. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






33. Organization's methods for dealing with emergencies






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






35. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






36. Owner of shares of stock in a corporation






37. Management process of guiding and motivating employees to meet an organization's objectives






38. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






39. Direct communication other than personal sales contacts designed to effect a measurable response






40. Delegating more power to employees






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






42. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






43. Ratio between net income after taxes and total owners' equity; also known as return on equity






44. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






45. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






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






48. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






50. Product made or grown abroad but sold domestically