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






2. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






4. People are internally motivated






5. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words






6. The purchase of one company by another






7. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






8. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






10. Customer value added by making a product available at a convenient time






11. Advertising designed to encourage customers to try new products or to switch brands






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






13. Characteristic of decentralized companies with relatively few layers of management






14. Personal communication between a seller and one or more potential buyers






15. Act of obtaining a desired object or services from another party by offering something of value in return






16. 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






17. Obligations that must be next within a year






18. Making a product available at a convenient time






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






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






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






22. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






23. Provides protection for the product - makes products easier to display - and attracts attention






24. The degree to which customers continue to purchase a specific brand






25. Positive reinforcement - negative reinforcement - punishment






26. Introducing a new product at a low price in hopes of building sales volume quickly






27. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






28. This level of management includes department heads and district sales managers.






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






30. The state of being certain that adverse effects will not be caused by some agent under defined conditions






31. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






32. Informal work groups can affect ____.






33. The company founder is no longer solely responsible for all decision making during the ____.






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






35. Measures income earned on owners' investment - formula: Net income/total owners' equity






36. Independent and well informed buyers and sellers of the exact same product (farmers markets)






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






38. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






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






40. Process of converting government enterprises into privately owned companies






41. Specific customer groups or segments to whom a company wants to sell a particular product






42. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






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






44. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






45. Physical products purchased by consumers for personal use






46. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






47. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






48. 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






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






50. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives