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. Specific customer groups or segments to whom a company wants to sell a particular product






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






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






4. Informal communication between customers and potential customers






5. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.






6. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






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






9. Portion of a brand that can be expressed orally - including letters - words - or numbers






10. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness






11. Where products are conveniently placed for customers






12. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share






13. Expensive - rarely purchased good or service






14. Lots of leeway to workers to meet goals






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






16. Takes the extractor's products or raw materials and changs the into a form that consumers can use






17. Assets = liabilities + owner's equity






18. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






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






20. The union of two corporations to form a new corporation






21. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






23. Law made by the authority of administrative agencies






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






25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






27. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






28. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






29. Communications channels - such as newspapers - radio - and television






30. 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






31. Characteristic of centralized companies with multiple layers of management






32. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover






33. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






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






35. Physical products purchased by consumers for personal use






36. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






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






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






39. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






40. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties






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






43. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






44. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






45. Codified rules of behavior enforced by society






46. Manager responsible for a firm's overall performance and effectiveness






47. Selling method in which the price is set by customers bidding against each other






48. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






49. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






50. Products characterized by a plain label - with no advertising and no brand name