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






2. Systems for moving goods and services from producers to customers; also known as marketing channels






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






4. Study of statistical characteristics of a population






5. Current assets minus current liabilities






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






7. Informal communication between customers and potential customers






8. Ratios that measure the effectiveness of the firm's use of its resources






9. Assets = liabilities + owner's equity






10. Intermediary who sells products to other businesses for resale to final consumers






11. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






12. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






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






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






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






16. Process for evaluating proposed investments in select projects that provide the best long-term financial return






17. Money paid to acquire something of permanent value in a business






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






19. 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






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






21. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






23. Obligations that must be next within a year






24. Takes the extractor's products or raw materials and changs the into a form that consumers can use






25. The way you live as measure by the kinds and quality of goods and services you can afford






26. Creating a flatter organization structure normally cutting out middle management






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






28. This law guards against false advertising.






29. Selling or supporting the sales process over the telephone






30. Acquiring funds through borrowing






31. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






32. Making decisions without consulting anyone






33. Introducing a new product at a low price in hopes of building sales volume quickly






34. Characteristic of decentralized companies with relatively few layers of management






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






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






37. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






38. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






39. Process of converting government enterprises into privately owned companies






40. Objective that a business hopes and plans to achieve






41. 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






42. Market or industry in which there is only one producer that can therefore set the prices on all of its products






43. Portion of a brand that cannot be expressed verbally






44. A sustained increase in the general level of prices






45. Direct communication other than personal sales contacts designed to effect a measurable response






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






47. Customer value added by making a product available in a convenient location






48. Form of nonstore retailing in which the telephone is used to sell directly to consumers






49. Top manager who is responsible for the overall performance of a corporation






50. Legal principal holding owners responsible for paying off all debts of a business