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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. Demographics - psychographics - and geographics






2. Planned economic system in which the government owns and operates only selected major sources of production






3. Advertising sent directly to potential customers - usually through the mail






4. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






5. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






6. Free or bargain-priced items offered to encourage customers to buy a product






7. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






8. Marketing efforts to attract people and organizations to a particular geographical area






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






10. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin






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






12. Economic system that allows individuals to pursue their own interests without undue governmental restriction






13. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






15. Physical products purchased by consumers for personal use






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






17. Behavior exhibited by consumers as they consider - select - and purchase goods and services






18. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






19. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






20. Senior company managers who serve on the company's board of directors are known as ____.






21. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






23. Where products are conveniently placed for customers






24. A form of collusion - agree to charge the same prices - usually higher than the price set by competition






25. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






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






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






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






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






31. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






32. A Theory Y manager is most likely to ____.






33. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






34. Market or industry characterized by numerous small firms producing an identical product






35. Court-granted permission for a company to not pay some or all debts






36. Offering a temporary reduction in price






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






38. Assets = liabilities + owner's equity






39. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






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






41. 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






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






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






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






45. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period






46. Brand awareness - brand preference - brand insistence






47. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






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






49. Exchange of value between parties






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







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