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. Top management team of a corporation






2. Using relative information to predict how many jobs will be needed






3. Large-scale production and distribution of a product






4. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






5. Partnership between two or more companies to closely link their brand names together for a single product






6. Goal set for the very near future






7. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






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






10. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






11. Process by which the world is becoming a single interdependent system






12. Activities needed to move a product efficiently from manufacturer to consumer






13. Delegating more power to employees






14. Mechanism for exchange between buyers and sellers of a particular good or service






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






16. Product made or grown domestically but sold abroad






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






18. External statistical descriptors such as age - income - gender - and profession






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






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






21. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






23. The union of two corporations to form a new corporation






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






25. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






26. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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






28. Loss of brand identity and the cannibalization of sales of other products in the product line






29. 12 month accounting period that begins on January 1 and ends on December 31






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






31. Product - price - distribution - customer communication

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32. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






34. Changes the form of material so they can be consumed or used to manufacture other products






35. Assets = liabilities + owner's equity






36. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






37. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






39. Occurs when widespread price increases occur throughout an economic system






40. 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






41. Assets = liabilities + owner's equity






42. Location






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






44. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






46. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






47. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






48. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






49. The willingness and ability of buyers to purchase a good or service






50. Sales volume at a given price that will cover all of a company's costs