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






2. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






4. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






5. The amount of money charged for a product or service






6. Unwelcome sexual advances in the workplace






7. Study of statistical characteristics of a population






8. A forecast of financial requirements and the financing sources to be used






9. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






10. Lots of leeway to workers to meet goals






11. Customer value created when someone takes ownership of a product






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






13. Ratio between net income after taxes and total owners' equity; also known as return on equity






14. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






15. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






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






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






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






20. Management process of monotoring an organization's performance to ensure that it is meeting its goals






21. Assets = liabilities + owner's equity






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






23. Power of a good or services to satisfy a human need






24. Assets - liabilities = owner's equity

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25. Cost of goods sold = beginning inventory + net purchases - ending inventory






26. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






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






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






29. Offering a temporary reduction in price






30. Product made or grown abroad but sold domestically






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






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






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






34. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






36. Vying among businesses for the same resources or customers






37. The quantity of a good that an average worker can produce in an hour






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






39. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






40. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






41. Informal work groups can affect ____.






42. Obligations that must be next within a year






43. A sustained increase in the general level of prices






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






45. Product - price - distribution - customer communication

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






47. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






48. Categorization of customers according to their relationship with products or response to product characteristics






49. Management process of guiding and motivating employees to meet an organization's objectives






50. Large-scale production and distribution of a product