Test your basic knowledge |

Business Fundamentals

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors

2. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.

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

4. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade

5. 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

6. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction

7. Product made or grown domestically but sold abroad

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

9. In bookkeeping - an increase in assets

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

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

12. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others

13. 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

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

15. Top management team of a corporation

16. Continually adjusting prices to reflect changes in supply and demand

17. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover

18. A business that is involvec with moving goods from producers to consumers

19. Categorization of customers according to their relationship with products or response to product characteristics

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

21. Applying a successful brand name to a new product category

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

23. A leadership style where the manager is directive and controlling

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

25. Expensive - rarely purchased good or service

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

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

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

29. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives

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

31. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)

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

33. 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

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

35. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

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

37. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider

38. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets

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

40. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity

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

42. Choosing one alternative from among several options

43. All costs of operation that are not included under cost of goods sold

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

45. Managers and workers cooperating as a team

46. A business firm that does things for you instead of making or makerting products

47. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments

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

49. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o

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