Test your basic knowledge |

Business Fundamentals

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.

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

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

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

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

6. Expensive - rarely purchased good or service

7. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments

8. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public

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

10. All the operating expenses associated with marketing goods or services

11. Claims against a firm's assets by creditors - such as banks and suppliers

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

13. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data

14. Selling or supporting the sales process over the telephone

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

16. The act of transferring net revenue and expense account balances to retained earnings for the period

17. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade

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

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

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

21. Media: news release; audience: broad - intensity: passive - active; purpose: inform

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

23. Objective that a business hopes and plans to achieve

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

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

26. 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

27. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly

28. Broad set of organizational plans for implementing the decisions made for achieving organizational goals

29. Skills in defining problems and selecting the best courses of action

30. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product

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

32. Classification of customers on the basis of their psychological makeup - interests - and lifestyles

33. Specification of the jobs to be done within an organization and the ways in which they relate to one another

34. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them

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

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

37. Certificates that offer discounts on particular items and are redeemed at the time of purchase

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

39. The principal that exchange rates are set so that the prices of similar products in different countries are about the same

40. Strategic alliance in which the collaboration involves joint ownership of the new venture

41. Product made or grown domestically but sold abroad

42. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th

43. Portion of a brand that can be expressed orally - including letters - words - or numbers

44. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date

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

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

47. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique

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

49. 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

50. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels