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






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






3. Customer value created by converting raw materials and other inputs into finished goods and services






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






5. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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






7. Obligation employees have to their manager for the successful completion of an assigned task






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






9. Product - price - distribution - customer communication

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10. Amounts that are currently due to a company






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






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






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






14. Beliefs about what is right or wrong and good or bad in actions that affect others






15. The action of ensuring that operations produce products that meet specific quality standards






16. Marketers focus on stimulating demand for the new product






17. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






18. Choosing one alternative from among several options






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






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






21. Corporation whose stock is widely held and available for sale to the general public






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






23. The ability to get others to accoplish tasks because of the position the leader holds






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






25. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






26. 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






27. The quantity of a good that an average worker can produce in an hour






28. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






29. Larger visual and multimedia ads that appear on websites






30. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






31. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






32. Power of a good or services to satisfy a human need






33. 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






34. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






35. Offering a temporary reduction in price






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






37. Portion of a brand that cannot be expressed verbally






38. Process of scanning the business environment for threats and opportunities






39. Demographics - psychographics - and geographics






40. Location






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






42. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






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






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






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






46. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






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






49. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






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