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. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






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






3. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






4. Break-even point = fixed costs/ (selling price - variable costs per unit)






5. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






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






8. Being accountable or being able to justify an action






9. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






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






11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






12. Advertising sent directly to potential customers - usually through the mail






13. Categorization of customers according to their geographical location






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






15. Lots of leeway to workers to meet goals






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






17. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






18. Transferring work to another country






19. 12 month accounting period that begins on January 1 and ends on December 31






20. People are lazy






21. Something that the employee dislikes is taken away






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






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






24. Form - time - place - possession






25. Authority granted to committees or teams involved in a firm's daily operations






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






27. Activities producing intangible and tangible products - such as entertainment - transportation - and education






28. Marketers focus on stimulating demand for the new product






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






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






31. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






33. Illegal practice of using special knowledge about a firm for profit or gain






34. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






35. Form of a corporation spanning national boundaries






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






37. The process of comparing an organization's products or services and processes with those of another companies






38. Economy in which individuals control production and allocation decisions through supply and demand






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






40. Obligations that must be next within a year






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






42. Advertising intended to remind existing customers of a product's availability and benefits






43. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






44. Physical products purchased by companies to produce other products






45. The movement of an economy from one condition to another and back again






46. Beliefs about what is right or wrong and good or bad in actions that affect others






47. Selling method in which the price is set by customers bidding against each other






48. Product - price - distribution - customer communication

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






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







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