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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. Personal communication between a seller and one or more potential buyers






2. Current assets minus current liabilities






3. Physical products purchased by consumers for personal use






4. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






6. The value that a company has built up in a brand






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






8. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






9. Customer value created by converting raw materials and other inputs into finished goods and services






10. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






11. Positive reinforcement - negative reinforcement - punishment






12. 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






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






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






15. Demographics - psychographics - and geographics






16. Strategy whereby a firm sells one or more of its business units






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






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






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






20. Occurs when two companies form one corporation






21. Large-scale production and distribution of a product






22. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing






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






24. 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






25. The process of comparing an organization's products or services and processes with those of another companies






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






27. Business costs that increase with the number of units produced






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






29. 12 month accounting period that begins on January 1 and ends on December 31






30. Vying among businesses for the same resources or customers






31. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






32. In a ____ authority originates at the top and moves downward in a line.






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






34. Customer value added by making a product available in a convenient location






35. Product that is dissimilar from those of competitors but than can fulfill the same need






36. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






37. Form - time - place - possession






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






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






40. 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.






41. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






42. Goal set for the very near future






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






44. 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






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






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






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






48. Reporting relationships within a company






49. The level of joblessness among people actively seeking work in an economic system






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







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Can you answer 50 questions in 15 minutes?


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