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. Product - price - distribution - customer communication


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






3. The degree to which customers continue to purchase a specific brand






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






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






6. Use a brand name on a variety of related products






7. Form of a corporation spanning national boundaries






8. Delegating more power to employees






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






10. Independent and well informed buyers and sellers of the exact same product (farmers markets)






11. Product made or grown domestically but sold abroad






12. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






14. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






15. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it






16. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






17. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






18. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






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






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






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






22. Motivator and hygiene factors need to be met to prevent dissatisfaction


23. Industry in which one company can most efficiently supply all needed goods or services






24. Where products are conveniently placed for customers






25. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






27. The ability to get others to accoplish tasks because of the position the leader holds






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






29. A prolonged and deep recession






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






31. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






32. Product made or grown abroad but sold domestically






33. Occurs when two companies form one corporation






34. Group of small investors who invest money in companies with rapid growth potential






35. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






37. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






38. 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






39. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






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






41. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






42. 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






43. 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.






44. Categorization of customers according to their geographical location






45. Brand awareness - brand preference - brand insistence






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






47. Using relative information to predict how many jobs will be needed






48. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






50. Management process of determining what an organization needs to do and how best to get it done