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. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






2. Cost of producing or acquiring a company's products for sale during a given period






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






4. Corporation whose stock is held by only a few people and is not available for sale to the general public






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






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






7. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






9. Obligation employees have to their manager for the successful completion of an assigned task






10. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






11. Goal set for the very near future






12. Complete list of all products that a company offers for sale






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






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






15. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






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






17. Activities needed to move a product efficiently from manufacturer to consumer






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






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






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






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






22. Cost of goods sold = beginning inventory + net purchases - ending inventory






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






24. Selling or supporting the sales process over the telephone






25. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






26. Markets focus on increasing the product's market share






27. Economy in which individuals control production and allocation decisions through supply and demand






28. Applying a successful brand name to a new product category






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






30. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






31. Business costs that remain constant regardless of the number of units produced






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






33. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






34. Money paid to acquire something of permanent value in a business






35. Specification of the jobs to be done within an organization and the ways in which they relate to one another






36. Ethical or unethical behaviors by employees in the context of their jobs






37. Delegating more power to employees






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






39. Power of a good or services to satisfy a human need






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






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






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






43. Creating a flatter organization structure normally cutting out middle management






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






45. Formal agreement to set prices. Sometimes illegal - but is typically secretive






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






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






48. Alternative plans to be implemented if uncontrollable event occur






49. Categorization of customers according to their relationship with products or response to product characteristics






50. A prolonged and deep recession