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






2. 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






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






4. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






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






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






7. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






8. Economic system that allows individuals to pursue their own interests without undue governmental restriction






9. 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






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






11. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






13. Organization for economic - social - and security cooperation among European nations






14. A Theory Y manager is most likely to ____.






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






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






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






18. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






21. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






22. Individuals or households that buy goods and services for personal use






23. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






25. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






26. Location






27. Expensive - rarely purchased good or service






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






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






30. The four key elements of marketing strategy: product - price - distribution - and promotion






31. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






32. Alternative plans to be implemented if uncontrollable event occur






33. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






34. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






36. A detailed series of related steps or tasks written to implement a policy is called a ____.






37. Creating a flatter organization structure normally cutting out middle management






38. The way a manager teats and directs employees






39. Owner of shares of stock in a corporation






40. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






41. When a task is too time consuming for a manager to handle alone - he or she may ____.






42. Managers who develop and implement a complete strategy and marketing program for specific products or brands






43. Where products are conveniently placed for customers






44. Being accountable or being able to justify an action






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. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






47. Large-scale production and distribution of a product






48. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






50. Electronic media that invite participation by the general public