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. Assets = liabilities + owner's equity






2. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






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






4. Reporting relationships within a company






5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






6. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






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






9. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






10. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






11. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






12. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






13. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






14. Product - price - distribution - customer communication

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






16. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






18. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






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






21. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






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






24. Where products are conveniently placed for customers






25. Current assets minus current liabilities






26. Physical products purchased by companies to produce other products






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






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






29. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






30. Physical products purchased by consumers for personal use






31. Confusion results if a person reports to two people at once - according to ____.






32. A large number of identical products are assembled using a continuous - efficient procedure






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






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






35. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






36. profitability - liquidity - activities - and leverage/debt






37. Ratios that measure a firm's reliance on debt financing of its operations






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






39. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






40. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






42. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






43. Rewarded for good performance; something the employee likes is praised






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






45. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






46. Business costs that remain constant regardless of the number of units produced






47. Large-scale production and distribution of a product






48. Manager responsible for supervising the work of employees






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






50. Intermediary who sells products directly to consumers