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. Selling one product at a loss as a way to entice customers to consider other products






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






3. Advertising designed to encourage customers to try new products or to switch brands






4. The act of transferring net revenue and expense account balances to retained earnings for the period






5. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






7. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






8. Brand awareness - brand preference - brand insistence






9. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






10. Obligations that must be next within a year






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






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






14. A document - generally issued by a state government - giving permission to start a corporation






15. Difference of revenues - costs - and profit from the planned amounts.






16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






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






18. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






19. The purchase of one company by another






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






21. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






22. Vying among businesses for the same resources or customers






23. Charging a high price for a new product during the introductory stage and lowering the price later






24. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






26. Assets = liabilities + owner's equity






27. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






28. The action of ensuring that operations produce products that meet specific quality standards






29. A business that is involvec with moving goods from producers to consumers






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






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






32. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






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






34. Obligation employees have to their manager for the successful completion of an assigned task






35. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






36. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






37. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






38. A leadership style where managers are less directive and involved employees in decision making






39. Demographics - psychographics - and geographics






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






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






42. 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.






43. The company founder is no longer solely responsible for all decision making during the ____.






44. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






45. Goal set for the very near future






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






47. 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






48. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






49. 12 month accounting period that begins on January 1 and ends on December 31






50. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.