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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. When a task is too time consuming for a manager to handle alone - he or she may ____.






2. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






3. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






4. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends






5. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






6. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






7. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






8. Ratios that measure the effectiveness of the firm's use of its resources






9. Communications channels - such as newspapers - radio - and television






10. Top manager who is responsible for the overall performance of a corporation






11. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






12. A Theory Y manager is most likely to ____.






13. Being accountable or being able to justify an action






14. The four key elements of marketing strategy: product - price - distribution - and promotion






15. The value that a company has built up in a brand






16. Study of statistical characteristics of a population






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






18. An increase in liabilities






19. People are internally motivated






20. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






22. Legal principal holding owners responsible for paying off all debts of a business






23. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






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. Location






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






28. Acquiring funds through borrowing






29. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






30. The action of ensuring that operations produce products that meet specific quality standards






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






32. Making a product available at a convenient time






33. Costs created in the process of generating revenues






34. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






36. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






37. Larger visual and multimedia ads that appear on websites






38. Selling method in which the price is set by customers bidding against each other






39. Strategy in which two or more organizations collaborate on a project for mutual gain






40. Customer value added by making a product available in a convenient location






41. Management process of determining what an organization needs to do and how best to get it done






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






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






44. Sales promotion aimed at final consumers






45. Owner of shares of stock in a corporation






46. Brands owned by the manufacturers and distributed nationally






47. Brand awareness - brand preference - brand insistence






48. Management process of monotoring an organization's performance to ensure that it is meeting its goals






49. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






50. Illegal practice of using special knowledge about a firm for profit or gain






Can you answer 50 questions in 15 minutes?



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