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. One seller of a product - denies people competition and is against the law (They can typically raise prices)






2. Any 12 consecutive months used as an accounting period






3. Assets = liabilities + owner's equity






4. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






5. Stems from personal trust and respect members have for the leader






6. Independent and well informed buyers and sellers of the exact same product (farmers markets)






7. Systems for moving goods and services from producers to customers; also known as marketing channels






8. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






9. Obligations that must be next within a year






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






11. Management process of monotoring an organization's performance to ensure that it is meeting its goals






12. Market or industry characterized by numerous small firms producing an identical product






13. An increase in liabilities






14. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






15. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris






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






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






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






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






20. Takes the extractor's products or raw materials and changs the into a form that consumers can use






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






22. The four key elements of marketing strategy: product - price - distribution - and promotion






23. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






24. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






25. Transferring work to another country






26. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






27. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






28. A sustained increase in the general level of prices






29. Vying among businesses for the same resources or customers






30. Acquiring funds by selling shares of a company's stock






31. Demographics - psychographics - and geographics






32. Reporting relationships within a company






33. Form - time - place - possession






34. Goal set for the very near future






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






36. 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






37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






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






39. Informal communication between customers and potential customers






40. Cash and items that can be turned into cash within one year






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






42. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






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






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






45. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






46. Positive reinforcement - negative reinforcement - punishment






47. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






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






49. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






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