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. Partner who actively manages a firm and who has unlimited liability for its debts






2. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds






3. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






4. A detailed series of related steps or tasks written to implement a policy is called a ____.






5. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set






6. Somethings needed by a community and provided by its government






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






8. Corporation whose stock is held by only a few people and is not available for sale to the general public






9. Ratios that measure the effectiveness of the firm's use of its resources






10. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items






11. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






12. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates






13. 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






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






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






16. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






17. Physical products purchased by companies to produce other products






18. Electronic media that invite participation by the general public






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






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






21. 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






22. Individuals or households that buy goods and services for personal use






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






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






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






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






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






28. An action is morally correct - when - among the people it affects...






29. Power to make the decisions necessary to complete a task






30. Where products are conveniently placed for customers






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






32. Group of small investors who invest money in companies with rapid growth potential






33. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity






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






35. Bar codes on product packages that provide information read by optical scanners






36. Markets focus on increasing the product's market share






37. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix






38. Sales volume at a given price that will cover all of a company's costs






39. The way you live as measure by the kinds and quality of goods and services you can afford






40. Offering several products for a single price that is presumably lower than the total of the products' individual prices






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






42. 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






43. Offering a temporary reduction in price






44. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.






45. 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






46. Reporting relationships within a company






47. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented






48. 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






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






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