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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. Direct communication other than personal sales contacts designed to effect a measurable response






2. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






3. Small groups in the same work area that have scheduled meetings about problems and how to fix them






4. All costs of operation that are not included under cost of goods sold






5. Compensation other than wages and salaries






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






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






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






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






10. Physical products purchased by consumers for personal use






11. 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.






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






13. Organization in which most decision-making authority is held by upper-level management






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






15. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






16. Inexpensive good or service purchased and consumed rapidly and regularly






17. Reporting relationships within a company






18. The willingness and ability of buyers to purchase a good or service






19. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






20. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






21. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






22. Law created by consistitution(s) or by federal - state - or local legislative acts






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






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






25. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






26. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






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






28. Partnership between two or more companies to closely link their brand names together for a single product






29. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






30. The ability to get others to accoplish tasks because of the position the leader holds






31. 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






32. This level of management includes department heads and district sales managers.






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






34. Where products are conveniently placed for customers






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






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






37. Nonsales communication that businesses have with their various audiences






38. 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.






39. Product made or grown abroad but sold domestically






40. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty






41. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






42. Management process of monotoring an organization's performance to ensure that it is meeting its goals






43. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






44. Process through which a manager allocates work to subordinates






45. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






46. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






47. Portion of a brand that cannot be expressed verbally






48. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






49. People are internally motivated






50. Measures income earned on owners' investment - formula: Net income/total owners' equity







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