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. Individuals or households that buy goods and services for personal use






2. Location






3. Media: news release; audience: broad - intensity: passive - active; purpose: inform






4. Intermediary who sells products to other businesses for resale to final consumers






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






6. Transferring work to another country






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






8. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






9. Organization for economic - social - and security cooperation among European nations






10. Break-even point = fixed costs/ (selling price - variable costs per unit)






11. Skills in defining problems and selecting the best courses of action






12. Categorization of customers according to their geographical location






13. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






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






16. Effective acquisition and use of money






17. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






18. Beliefs about what is right or wrong and good or bad in actions that affect others






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






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






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






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






23. Small software programs that provide part of the functionality of a website






24. 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






25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






27. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






28. Study of statistical characteristics of a population






29. Stems from personal trust and respect members have for the leader






30. 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






31. Physical products purchased by companies to produce other products






32. Acquiring funds through borrowing






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






34. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






35. Activities producing intangible and tangible products - such as entertainment - transportation - and education






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






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






38. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions






39. Organization's methods for dealing with emergencies






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






41. Vying among businesses for the same resources or customers






42. Manager responsible for supervising the work of employees






43. Statement of a firm's financial position on a particular date; also known as a statement of financial position






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






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






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






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






48. Method of calculating the minimum volume of sales needed at a given price to cover all costs






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






50. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase