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. Top management team of a corporation






2. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






3. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






5. 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






6. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






7. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






8. Unwelcome sexual advances in the workplace






9. Business costs that remain constant regardless of the number of units produced






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






11. The creation and sharing of product-related information among customers and potential customers






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






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






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






15. An increase in liabilities






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






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






18. Portion of a brand that can be expressed orally - including letters - words - or numbers






19. Identification and marketing of a social issues - cause - or idea to selected target markets






20. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions






21. Sales promotion aimed at final consumers






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






23. The state of being certain that adverse effects will not be caused by some agent under defined conditions






24. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






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






26. Brands that have been given legal protection so that their owners have exclusive rights to their use






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






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






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






30. A document - generally issued by a state government - giving permission to start a corporation






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






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






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






34. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






35. Good or service used as the basis of commerce






36. Characteristic of centralized companies with multiple layers of management






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






38. Customer value created by converting raw materials and other inputs into finished goods and services






39. Current assets minus current liabilities






40. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






41. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred






42. 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






43. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






44. Positive reinforcement - negative reinforcement - punishment






45. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






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






47. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






48. Internal descriptors such as attitudes - interests - values - behaviors - and habits






49. Categorization of customers according to their geographical location






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