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






2. Good or service used as the basis of commerce






3. Communications channels - such as newspapers - radio - and television






4. Process of scanning the business environment for threats and opportunities






5. Ethical or unethical behaviors by employees in the context of their jobs






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






7. 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






8. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






9. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






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






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






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






13. The way you live as measure by the kinds and quality of goods and services you can afford






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






15. Specific customer groups or segments to whom a company wants to sell a particular product






16. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






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






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






19. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






20. Process for evaluating proposed investments in select projects that provide the best long-term financial return






21. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






23. Large-scale production and distribution of a product






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






25. The purchase of one company by another






26. Making decisions without consulting anyone






27. Vying among businesses for the same resources or customers






28. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






30. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






31. Authority granted to committees or teams involved in a firm's daily operations






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






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






34. Assets = liabilities + owner's equity






35. Stocks - bonds - and other investments that can be turned into cash quickly






36. Skills in defining problems and selecting the best courses of action






37. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






38. External statistical descriptors such as age - income - gender - and profession






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






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






41. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






42. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)


43. Brand awareness - brand preference - brand insistence






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






45. Physical products purchased by companies to produce other products






46. 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






47. Occurs when widespread price increases occur throughout an economic system






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






49. Partner who actively manages a firm and who has unlimited liability for its debts






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