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






2. People are internally motivated






3. Marketers focus on stimulating demand for the new product






4. Advertising sent directly to potential customers - usually through the mail






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






6. Characteristic of centralized companies with multiple layers of management






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






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






9. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






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






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






12. Rewarded for good performance; something the employee likes is praised






13. Organization's methods for dealing with emergencies






14. A sustained increase in the general level of prices






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






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






17. 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






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






19. Acquiring funds by selling shares of a company's stock






20. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






21. Behavior exhibited by consumers as they consider - select - and purchase goods and services






22. Product made or grown abroad but sold domestically






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






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






25. Costs created in the process of generating revenues






26. Exchange of value between parties






27. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






29. Selling or supporting the sales process over the telephone






30. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






31. Power of a good or services to satisfy a human need






32. Reporting relationships within a company






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






34. Managers and workers cooperating as a team






35. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






37. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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. Planned economic system in which the government owns and operates only selected major sources of production






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






41. Difference of revenues - costs - and profit from the planned amounts.






42. Portion of a brand that can be expressed orally - including letters - words - or numbers






43. The union of two corporations to form a new corporation






44. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






45. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






46. Mechanism for exchange between buyers and sellers of a particular good or service






47. The ability to get others to accoplish tasks because of the position the leader holds






48. Cost of goods sold = beginning inventory + net purchases - ending inventory






49. 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






50. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words