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. Body of decisions handed down by courts ruling on individual cases






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






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






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






5. Making decisions without consulting anyone






6. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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






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






9. Four basic stage through which a product progresses: introduction - growth - maturity - and decline






10. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






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






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






13. A measure of the sensitivity of demand to changes in price






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






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






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






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






18. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






19. A business that grows products or takes raw material from nature






20. 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.






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






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






23. Using relative information to predict how many jobs will be needed






24. Form of a corporation spanning national boundaries






25. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






26. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






27. Informal work groups can affect ____.






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






29. An extra amount of time granted to a party to make a payment






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






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






32. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






33. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






34. Payments other than wages or salaries - other benefits






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






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






37. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing






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






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






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






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






42. Small groups in the same work area that have scheduled meetings about problems and how to fix them






43. Compensation other than wages and salaries






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






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






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






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






48. Advertising sent directly to potential customers - usually through the mail






49. Activities producing intangible and tangible products - such as entertainment - transportation - and education






50. Organization for economic - social - and security cooperation among European nations