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. Occurs when two companies form one corporation






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






3. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






4. 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






5. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






6. Managers and workers cooperating as a team






7. Where products are conveniently placed for customers






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






9. All costs of operation that are not included under cost of goods sold






10. Marketing efforts to attract people and organizations to a particular geographical area






11. Management process of determining what an organization needs to do and how best to get it done






12. 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






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






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






15. Reporting relationships within a company






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






17. Product that is dissimilar from those of competitors but than can fulfill the same need






18. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






19. Takes the extractor's products or raw materials and changs the into a form that consumers can use






20. Customer value created when someone takes ownership of a product






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






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






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






24. Manager responsible for a firm's overall performance and effectiveness






25. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






26. Acquiring funds through borrowing






27. Elimination of rules that restrict business activity






28. A period during which aggregate output - as measured by GDP - declines






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






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






31. Formal agreement to set prices. Sometimes illegal - but is typically secretive






32. People are lazy






33. Objective that a business hopes and plans to achieve






34. A sustained increase in the general level of prices






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






36. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






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






38. Act of obtaining a desired object or services from another party by offering something of value in return






39. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






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






42. Goal set for an extended time - typically 5 years or more in the future






43. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






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






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






46. ____ 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






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






48. Management process of monotoring an organization's performance to ensure that it is meeting its goals






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






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