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 value that a company has built up in a brand






2. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






3. Characteristic of centralized companies with multiple layers of management






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






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






6. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






7. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






8. Complete list of all products that a company offers for sale






9. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






11. Building a specific and unique product to meet the needs of one consumer






12. Being accountable or being able to justify an action






13. Costs created in the process of generating revenues






14. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






15. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






16. The creation and sharing of product-related information among customers and potential customers






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






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






19. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






20. Brand awareness - brand preference - brand insistence






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






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






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






24. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






25. profitability - liquidity - activities - and leverage/debt






26. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






27. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






28. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






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






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






31. Law created by consistitution(s) or by federal - state - or local legislative acts






32. A leadership style where the manager is directive and controlling






33. Small software programs that provide part of the functionality of a website






34. Identification and marketing of a social issues - cause - or idea to selected target markets






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






36. Codified rules of behavior enforced by society






37. 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






38. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






39. A period during which aggregate output - as measured by GDP - declines






40. Delegating more power to employees






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






42. One seller of a product - denies people competition and is against the law (They can typically raise prices)






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






44. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






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






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






47. Claims against a firm's assets by creditors - such as banks and suppliers






48. Good or service used as the basis of commerce






49. Small groups in the same work area that have scheduled meetings about problems and how to fix them






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