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






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






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






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






5. Costs created in the process of generating revenues






6. Advertising designed to encourage customers to try new products or to switch brands






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






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






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






10. Business costs that increase with the number of units produced






11. Being accountable or being able to justify an action






12. 12 month accounting period that begins on January 1 and ends on December 31






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






14. Use a brand name on a variety of related products






15. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






16. Something produced by the intellect or mind that has commercial value






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






18. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






19. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






20. Brands that have been given legal protection so that their owners have exclusive rights to their use






21. Power to make the decisions necessary to complete a task






22. The state of being certain that adverse effects will not be caused by some agent under defined conditions






23. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






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






25. Sales promotion aimed at final consumers






26. Inexpensive good or service purchased and consumed rapidly and regularly






27. Selling or supporting the sales process over the telephone






28. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






30. Building a specific and unique product to meet the needs of one consumer






31. Offering a temporary reduction in price






32. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






33. Amounts that are currently due to a company






34. An increase in liabilities






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






36. Payments other than wages or salaries - other benefits






37. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






38. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






39. A short - specific written statement of the reason a business exists and what it wants to achieve.






40. Larger visual and multimedia ads that appear on websites






41. Agreement to produce and market another company's product in exchange for a royalty or fee






42. Diagram depicting a company's structure and showing employees where they fit into its operations






43. Intermediary who sells products directly to consumers






44. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






45. A sustained increase in the general level of prices






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






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






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






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






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