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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. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






2. Industry in which one company can most efficiently supply all needed goods or services






3. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






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






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






6. Nonsales communication that businesses have with their various audiences






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






8. Amounts that are currently due to a company






9. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






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






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






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






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






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






15. An extra amount of time granted to a party to make a payment






16. Customer value added by making a product available in a convenient location






17. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






18. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






19. Something produced by the intellect or mind that has commercial value






20. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






21. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






23. Process of scanning the business environment for threats and opportunities






24. Positive reinforcement - negative reinforcement - punishment






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






26. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






27. A series of related products offered by a firm






28. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






29. Form - time - place - possession






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






31. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






32. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






34. Changing jobs or tasks from time to time






35. Form of a corporation spanning national boundaries






36. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






37. In a ____ authority originates at the top and moves downward in a line.






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






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






40. Corporation whose stock is widely held and available for sale to the general public






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






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






43. Transferring work to another country






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






45. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






47. The collection and analysis of information for making marketing decisions






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






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






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







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