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. Vying among businesses for the same resources or customers






2. A sustained increase in the general level of prices






3. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






4. Act of obtaining a desired object or services from another party by offering something of value in return






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






6. Large-scale production and distribution of a product






7. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)

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8. Top management team of a corporation






9. Acquiring funds through borrowing






10. Power to make the decisions necessary to complete a task






11. 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.






12. Cash and items that can be turned into cash within one year






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






14. The way a manager teats and directs employees






15. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






16. Systems for moving goods and services from producers to customers; also known as marketing channels






17. 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.






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






19. Process through which a manager allocates work to subordinates






20. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






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






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






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






25. External statistical descriptors such as age - income - gender - and profession






26. Agreement to produce and market another company's product in exchange for a royalty or fee






27. The creation and sharing of product-related information among customers and potential customers






28. Introducing a new product at a low price in hopes of building sales volume quickly






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






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






31. Elimination of rules that restrict business activity






32. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






33. Somethings needed by a community and provided by its government






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






35. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






36. Product made or grown domestically but sold abroad






37. Something produced by the intellect or mind that has commercial value






38. Location






39. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






40. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






41. 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






42. 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






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






44. The purchase of one company by another






45. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






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






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






48. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






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






50. Assets = liabilities + owner's equity