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. Amounts that are currently due to a company






2. Planned economic system in which the government owns and operates only selected major sources of production






3. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer






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






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






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






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






8. Alternative plans to be implemented if uncontrollable event occur






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






10. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






11. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






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






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






14. In a ____ authority originates at the top and moves downward in a line.






15. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






16. 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






17. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions






18. Pricing selling one product at a loss as a way to entice customers to consider other products






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






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






21. Categorization of customers according to their geographical location






22. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






23. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity






24. Introducing a new product at a low price in hopes of building sales volume quickly






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






26. Categorization of customers according to their relationship with products or response to product characteristics






27. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






28. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.






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






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






31. 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






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






33. Obligations that must be next within a year






34. 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






35. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind






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






37. A period during which aggregate output - as measured by GDP - declines






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






39. 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






40. An increase in liabilities






41. Organization in which most decision-making authority is held by upper-level management






42. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






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






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






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






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






47. Online ads that are linked to search engine results or website content






48. A sustained increase in the general level of prices






49. Personal communication between a seller and one or more potential buyers






50. Expensive - rarely purchased good or service