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. Informal communication between customers and potential customers






2. Obligation employees have to their manager for the successful completion of an assigned task






3. Reporting relationships within a company






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






5. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






6. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






8. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






10. Introductory stage - growth stage - maturity stage - decline stage






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






12. Postsales reductions in price - must be applied for by the purchaser






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






14. Law made by the authority of administrative agencies






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






16. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






17. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






18. Manager responsible for supervising the work of employees






19. Larger visual and multimedia ads that appear on websites






20. The way a manager teats and directs employees






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






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






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






24. profitability - liquidity - activities - and leverage/debt






25. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






27. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






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






29. The purchase of one company by another






30. Codified rules of behavior enforced by society






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






32. The willingness and ability of buyers to purchase a good or service






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






34. Product made or grown domestically but sold abroad






35. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






36. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






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






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






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






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






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






43. Economy in which individuals control production and allocation decisions through supply and demand






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






45. The company founder is no longer solely responsible for all decision making during the ____.






46. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






47. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






49. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






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