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. Postsales reductions in price - must be applied for by the purchaser






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






3. 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






4. People are internally motivated






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






6. Strategy whereby a firm sells one or more of its business units






7. Process of converting government enterprises into privately owned companies






8. Marketers focus on stimulating demand for the new product






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






10. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






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






13. Sales volume at a given price that will cover all of a company's costs






14. The way a manager teats and directs employees






15. The price of your nation's currency is in terms of another nation's currency






16. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity






17. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits






18. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






20. Sales promotion aimed at final consumers






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. 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






23. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






24. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays






25. When a task is too time consuming for a manager to handle alone - he or she may ____.






26. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






27. Reporting relationships within a company






28. Agreement to produce and market another company's product in exchange for a royalty or fee






29. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






30. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






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






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






33. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






34. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






35. A business that grows products or takes raw material from nature






36. Delegating more power to employees






37. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






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






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






40. Selling or supporting the sales process over the telephone






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






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






43. Specific customer groups or segments to whom a company wants to sell a particular product






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






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






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






47. Customer value created when someone takes ownership of a product






48. Customer value added by making a product available in a convenient location






49. Making decisions without consulting anyone






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