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. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






2. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






3. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






5. Objective that a business hopes and plans to achieve






6. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






7. Marketers focus on stimulating demand for the new product






8. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






9. Promotional campaigns that send information only to those people who've specifically asked to receive it






10. Making decisions without consulting anyone






11. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






12. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






13. Management process of guiding and motivating employees to meet an organization's objectives






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






15. Changing jobs or tasks from time to time






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






17. A prolonged and deep recession






18. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






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






20. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






21. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






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






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






24. 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






25. A leadership style where managers are less directive and involved employees in decision making






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






27. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






28. Activities producing tangible products such as radios - newspapers - buses and textbooks






29. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






30. Managers who develop and implement a complete strategy and marketing program for specific products or brands






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






32. Goal set for an extended time - typically 5 years or more in the future






33. Broad set of organizational plans for implementing the decisions made for achieving organizational goals






34. A business that grows products or takes raw material from nature






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






36. Where products are conveniently placed for customers






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






38. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






39. The company founder is no longer solely responsible for all decision making during the ____.






40. Independent and well informed buyers and sellers of the exact same product (farmers markets)






41. Ratio between net income after taxes and net sales; also known as profit margin






42. Product made or grown domestically but sold abroad






43. 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






44. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






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






47. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






49. Payments other than wages or salaries - other benefits






50. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix