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






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






3. Ratios that measure the effectiveness of the firm's use of its resources






4. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it






5. Corporation whose stock is widely held and available for sale to the general public






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






7. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico






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






9. 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.






10. Manager responsible for a firm's overall performance and effectiveness






11. Categorization of customers according to their geographical location






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






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






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






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






16. Discount offered by producers to wholesalers and retailers






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






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






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






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






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. A detailed series of related steps or tasks written to implement a policy is called a ____.






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






24. 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






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






26. Court-granted permission for a company to not pay some or all debts






27. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






28. 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






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






30. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






31. The value that a company has built up in a brand






32. Brands owned by the manufacturers and distributed nationally






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






34. Current assets minus current liabilities






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






36. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






37. The action of ensuring that operations produce products that meet specific quality standards






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






39. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






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






41. Partner who actively manages a firm and who has unlimited liability for its debts






42. Making a product available at a convenient time






43. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price






44. Goal set for the very near future






45. The willingness and ability of producers to offer a good or service for sale






46. The collection and analysis of information for making marketing decisions






47. Market or industry characterized by numerous small firms producing an identical product






48. Changes the form of material so they can be consumed or used to manufacture other products






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






50. Occurs when widespread price increases occur throughout an economic system







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