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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. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes






2. Sales promotion aimed at final consumers






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






4. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






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






6. Business owned and usually operated by one person who is responsible for all its debts






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






8. Top manager who is responsible for the overall performance of a corporation






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






10. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






12. Unwelcome sexual advances in the workplace






13. Offering a temporary reduction in price






14. Advertising sent directly to potential customers - usually through the mail






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






16. Process through which a manager allocates work to subordinates






17. Industry in which one company can most efficiently supply all needed goods or services






18. Nonsales communication that businesses have with their various audiences






19. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement






20. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds






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






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






23. The amount of money charged for a product or service






24. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






25. Senior company managers who serve on the company's board of directors are known as ____.






26. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






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






28. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






29. This law guards against false advertising.






30. Brand awareness - brand preference - brand insistence






31. Any 12 consecutive months used as an accounting period






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






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






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






35. A group of customer who need or want a particular product and have the money to buy it






36. The willingness and ability of buyers to purchase a good or service






37. In bookkeeping - an increase in assets






38. A business firm that does things for you instead of making or makerting products






39. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






40. Exchange of value between parties






41. Goal set for the very near future






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






43. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






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






45. The level of joblessness among people actively seeking work in an economic system






46. Study of statistical characteristics of a population






47. Management process of determining what an organization needs to do and how best to get it done






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






49. Codified rules of behavior enforced by society






50. profitability - liquidity - activities - and leverage/debt







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