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






2. Reporting relationships within a company






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






4. In bookkeeping - an increase in assets






5. Bar codes on product packages that provide information read by optical scanners






6. Electronic media that invite participation by the general public






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






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






9. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






10. Something that the employee dislikes is taken away






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






12. Marketers focus on stimulating demand for the new product






13. Larger visual and multimedia ads that appear on websites






14. Specification of the jobs to be done within an organization and the ways in which they relate to one another






15. An action is morally correct - when - among the people it affects...






16. Product development stage in which a product is sold on a limited basis - a trial introduction






17. 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.






18. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






19. Customer value created when someone takes ownership of a product






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






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






22. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






23. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






24. Assets = liabilities + owner's equity






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






26. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






27. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






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






29. Codified rules of behavior enforced by society






30. Effective acquisition and use of money






31. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






32. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






34. One seller of a product - denies people competition and is against the law (They can typically raise prices)






35. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






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






37. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






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






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






41. Positive reinforcement - negative reinforcement - punishment






42. Form - time - place - possession






43. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






44. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






46. Managers who develop and implement a complete strategy and marketing program for specific products or brands






47. The willingness and ability of buyers to purchase a good or service






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






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






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