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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. Pricing selling one product at a loss as a way to entice customers to consider other products






2. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






3. Specific customer groups or segments to whom a company wants to sell a particular product






4. A Theory Y manager is most likely to ____.






5. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






6. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






7. Obligations that must be next within a year






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






9. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






10. A document - generally issued by a state government - giving permission to start a corporation






11. Where products are conveniently placed for customers






12. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






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






14. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






15. Break-even point = fixed costs/ (selling price - variable costs per unit)






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






17. Free or bargain-priced items offered to encourage customers to buy a product






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






19. 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.






20. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






21. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






22. Products characterized by a plain label - with no advertising and no brand name






23. The willingness and ability of producers to offer a good or service for sale






24. Small software programs that provide part of the functionality of a website






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






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






27. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






28. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






29. A prolonged and deep recession






30. Brands that have been given legal protection so that their owners have exclusive rights to their use






31. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






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






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






34. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






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






36. Product made or grown abroad but sold domestically






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






38. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






40. Product development stage in which a product is sold on a limited basis - a trial introduction






41. A detailed series of related steps or tasks written to implement a policy is called a ____.






42. Power to make the decisions necessary to complete a task






43. Electronic media that invite participation by the general public






44. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






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






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






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






48. Personal communication between a seller and one or more potential buyers






49. The company founder is no longer solely responsible for all decision making during the ____.






50. Markets focus on increasing the product's market share







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