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






2. Loss of brand identity and the cannibalization of sales of other products in the product line






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






5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






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






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






8. 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






9. Characteristic of decentralized companies with relatively few layers of management






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






11. Categorization of customers according to their geographical location






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






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






14. Transferring work to another country






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






16. 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






17. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






18. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






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






20. Effective acquisition and use of money






21. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






22. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance






23. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met

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24. Market or industry in which there is only one producer that can therefore set the prices on all of its products






25. Type of partnership consisting of limited partners and a general (or active) partner






26. Offering several products for a single price that is presumably lower than the total of the products' individual prices






27. Body of decisions handed down by courts ruling on individual cases






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






29. Strategy in which two or more organizations collaborate on a project for mutual gain






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






31. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






32. 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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33. profitability - liquidity - activities - and leverage/debt






34. Provides protection for the product - makes products easier to display - and attracts attention






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






36. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






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






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






39. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






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






41. Physical products purchased by companies to produce other products






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






43. Choosing one alternative from among several options






44. Roles of shareholders - directors - and other managers in corporate decision making and accountability






45. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






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






47. Rewarded for good performance; something the employee likes is praised






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






49. Manager responsible for implementing the strategies and working toward the goals set by top managers






50. Ratio between net income after taxes and total owners' equity; also known as return on equity