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. A leadership style where the manager is directive and controlling






2. 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






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






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






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






6. Manager responsible for supervising the work of employees






7. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






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






9. Activities producing tangible products such as radios - newspapers - buses and textbooks






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






11. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






12. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






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






14. Assets = liabilities + owner's equity






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






16. 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






17. Something produced by the intellect or mind that has commercial value






18. All the operating expenses associated with marketing goods or services






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






20. Direct communication other than personal sales contacts designed to effect a measurable response






21. Management process of determining what an organization needs to do and how best to get it done






22. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






23. Ratio between net income after taxes and net sales; also known as profit margin






24. Owner of shares of stock in a corporation






25. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






26. Process through which a manager allocates work to subordinates






27. Customer value added by making a product available in a convenient location






28. Nonsales communication that businesses have with their various audiences






29. Making a product available at a convenient time






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






32. A large number of identical products are assembled using a continuous - efficient procedure






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






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






35. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






36. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






38. Beliefs about what is right or wrong and good or bad in actions that affect others






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






40. This law guards against false advertising.






41. A series of related products offered by a firm






42. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






43. Physical products purchased by companies to produce other products






44. Partnership between two or more companies to closely link their brand names together for a single product






45. Selling method in which the price is set by customers bidding against each other






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






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






48. Manager responsible for implementing the strategies and working toward the goals set by top managers






49. Loss of brand identity and the cannibalization of sales of other products in the product line






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