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






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






3. Measures income earned on owners' investment - formula: Net income/total owners' equity






4. Payments other than wages or salaries - other benefits






5. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






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






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






8. Advertising intended to remind existing customers of a product's availability and benefits






9. Elimination of rules that restrict business activity






10. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






11. Making decisions without consulting anyone






12. Process for evaluating proposed investments in select projects that provide the best long-term financial return






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






14. Marketers focus on stimulating demand for the new product






15. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






16. Top management team of a corporation






17. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






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






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






21. Money paid to acquire something of permanent value in a business






22. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






23. Economic system that allows individuals to pursue their own interests without undue governmental restriction






24. An increase in liabilities






25. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






26. Product development stage in which a product is sold on a limited basis - a trial introduction






27. Assets = liabilities + owner's equity






28. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






29. Managers and workers cooperating as a team






30. Form of nonstore retailing in which the telephone is used to sell directly to consumers






31. Law made by the authority of administrative agencies






32. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






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






35. Process of dealing with employees who are represented by a union






36. A leadership style where the manager is directive and controlling






37. Objective that a business hopes and plans to achieve






38. 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






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






40. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






41. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.






42. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization

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






44. Sales promotion aimed at final consumers






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






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






47. Unwelcome sexual advances in the workplace






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






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






50. Inexpensive good or service purchased and consumed rapidly and regularly