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 business that grows products or takes raw material from nature






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






3. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






4. The movement of an economy from one condition to another and back again






5. Any 12 consecutive months used as an accounting period






6. Larger visual and multimedia ads that appear on websites






7. Changes the form of material so they can be consumed or used to manufacture other products






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






9. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






10. The amount of money charged for a product or service






11. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






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






14. Being accountable or being able to justify an action






15. Stocks - bonds - and other investments that can be turned into cash quickly






16. The four key elements of marketing strategy: product - price - distribution - and promotion






17. Characteristic of centralized companies with multiple layers of management






18. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






19. Claims against a firm's assets by creditors - such as banks and suppliers






20. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






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






22. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






23. A prolonged and deep recession






24. 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.






25. Exchange of value between parties






26. Acquiring funds by selling shares of a company's stock






27. Product made or grown abroad but sold domestically






28. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






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






31. 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






32. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






33. Organization's methods for dealing with emergencies






34. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






35. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






36. Customer value added by making a product available at a convenient time






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






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






39. The combined use of tactical and strategic management






40. Postsales reductions in price - must be applied for by the purchaser






41. Lots of leeway to workers to meet goals






42. Sales volume at a given price that will cover all of a company's costs






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






44. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






46. Location






47. Illegal practice of using special knowledge about a firm for profit or gain






48. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






49. Building a specific and unique product to meet the needs of one consumer






50. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers