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. Results from the leader's ability to give or withhold rewards






2. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






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






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






5. Portion of a brand that cannot be expressed verbally






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






7. Expensive - rarely purchased good or service






8. Selling or supporting the sales process over the telephone






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






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






11. Process through which a manager allocates work to subordinates






12. Arises when group members recognize that the leader has special expertise in the area






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






14. Obligations that must be next within a year






15. Roles of shareholders - directors - and other managers in corporate decision making and accountability






16. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






17. People are lazy






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






19. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






20. Manager responsible for a firm's overall performance and effectiveness






21. All costs of operation that are not included under cost of goods sold






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






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






24. Brands owned by the manufacturers and distributed nationally






25. Elimination of rules that restrict business activity






26. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






27. Cash and items that can be turned into cash within one year






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. Transferring work to another country






30. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






31. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






32. Strategy in which two or more organizations collaborate on a project for mutual gain






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






34. Money paid to acquire something of permanent value in a business






35. The price of your nation's currency is in terms of another nation's currency






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






37. A short - specific written statement of the reason a business exists and what it wants to achieve.






38. Where products are conveniently placed for customers






39. Business costs that increase with the number of units produced






40. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






41. Mix of people in organizations in terms of essential/demographic status






42. Stems from personal trust and respect members have for the leader






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






44. People are internally motivated






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






46. Demographics - psychographics - and geographics






47. Good or service used as the basis of commerce






48. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






49. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






50. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates