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. Making a product available at a convenient time






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






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






4. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






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






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






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






8. Alternative plans to be implemented if uncontrollable event occur






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






10. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






11. Strategy whereby a firm sells one or more of its business units






12. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






13. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






14. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






15. A firm's portion of the total sales in a market






16. Advertising intended to remind existing customers of a product's availability and benefits






17. Organization's methods for dealing with emergencies






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






19. The combined use of tactical and strategic management






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






21. A group of customer who need or want a particular product and have the money to buy it






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






23. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






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






26. Obligations that must be next within a year






27. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






28. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






30. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






31. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






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






35. Lots of leeway to workers to meet goals






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






37. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






38. Somethings needed by a community and provided by its government






39. Arises when group members recognize that the leader has special expertise in the area






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






41. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






43. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






44. The collection and analysis of information for making marketing decisions






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






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






47. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






48. Claims against a firm's assets by creditors - such as banks and suppliers






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






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