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






2. Arises when group members recognize that the leader has special expertise in the area






3. When a task is too time consuming for a manager to handle alone - he or she may ____.






4. The value that a company has built up in a brand






5. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






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






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






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






9. Current assets minus current liabilities






10. Economic system that allows individuals to pursue their own interests without undue governmental restriction






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






12. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






13. Form - time - place - possession






14. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






15. Advertising intended to remind existing customers of a product's availability and benefits






16. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






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






18. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






20. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






21. Product made or grown domestically but sold abroad






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






23. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






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






25. Activities producing tangible products such as radios - newspapers - buses and textbooks






26. Changing jobs or tasks from time to time






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






28. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






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






31. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






33. Cost of producing or acquiring a company's products for sale during a given period






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






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






36. Larger visual and multimedia ads that appear on websites






37. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






38. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






39. Amounts that are currently due to a company






40. 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






41. Economy in which individuals control production and allocation decisions through supply and demand






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






43. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






44. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






45. Law made by the authority of administrative agencies






46. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






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






48. Somethings needed by a community and provided by its government






49. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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