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. 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






2. A firm's portion of the total sales in a market






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






4. Costs created in the process of generating revenues






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






6. Ratios that measure a firm's reliance on debt financing of its operations






7. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






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






10. Cash and items that can be turned into cash within one year






11. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






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






13. The four key elements of marketing strategy: product - price - distribution - and promotion






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






15. People are internally motivated






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






17. Discount offered by producers to wholesalers and retailers






18. Type of partnership consisting of limited partners and a general (or active) partner






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






20. Process of converting government enterprises into privately owned companies






21. 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.






22. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






23. Diagram depicting a company's structure and showing employees where they fit into its operations






24. Continually adjusting prices to reflect changes in supply and demand






25. Elimination of rules that restrict business activity






26. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






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






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






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






30. Marketers focus on stimulating demand for the new product






31. Categorization of customers according to their relationship with products or response to product characteristics






32. A group of customer who need or want a particular product and have the money to buy it






33. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






34. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






36. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






37. Postsales reductions in price - must be applied for by the purchaser






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






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






40. Method of calculating the minimum volume of sales needed at a given price to cover all costs






41. Certificates that offer discounts on particular items and are redeemed at the time of purchase






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






43. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






45. The price of your nation's currency is in terms of another nation's currency






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






47. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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48. The level of joblessness among people actively seeking work in an economic system






49. Identification and marketing of a social issues - cause - or idea to selected target markets






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