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






2. Demographics - psychographics - and geographics






3. Pricing selling one product at a loss as a way to entice customers to consider other products






4. Offering a temporary reduction in price






5. A document - generally issued by a state government - giving permission to start a corporation






6. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






7. Expensive - rarely purchased good or service






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






9. Goal set for an extended time - typically 5 years or more in the future






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






11. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






12. Owner of shares of stock in a corporation






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






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

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






16. Body of decisions handed down by courts ruling on individual cases






17. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






19. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






20. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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

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






23. Sales promotion aimed at final consumers






24. Formal agreement to set prices. Sometimes illegal - but is typically secretive






25. 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






26. Physical products purchased by companies to produce other products






27. Legal principal holding owners responsible for paying off all debts of a business






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






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






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






31. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






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






33. 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






34. Form of a corporation spanning national boundaries






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






36. Confusion results if a person reports to two people at once - according to ____.






37. Customer value created by converting raw materials and other inputs into finished goods and services






38. Positive reinforcement - negative reinforcement - punishment






39. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






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






42. Type of partnership consisting of limited partners and a general (or active) partner






43. Any 12 consecutive months used as an accounting period






44. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






45. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






46. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






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






48. An action is morally correct - when - among the people it affects...






49. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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