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






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






3. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets






4. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






5. Product that is dissimilar from those of competitors but than can fulfill the same need






6. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






7. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers






8. Illegal practice of using special knowledge about a firm for profit or gain






9. 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






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






11. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies






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






13. 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






14. Behavior exhibited by consumers as they consider - select - and purchase goods and services






15. 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






16. Choosing one alternative from among several options






17. This law guards against false advertising.






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






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






20. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






21. The action of ensuring that operations produce products that meet specific quality standards






22. Form of a corporation spanning national boundaries






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






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






25. Internal descriptors such as attitudes - interests - values - behaviors - and habits






26. Informal work groups can affect ____.






27. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy






28. Assets = liabilities + owner's equity






29. The value that a company has built up in a brand






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






31. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public






32. Brand awareness - brand preference - brand insistence






33. Selling or supporting the sales process over the telephone






34. 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






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






36. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






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






38. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business






39. Law made by the authority of administrative agencies






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






41. Changing jobs or tasks from time to time






42. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications






43. Intermediary who sells products directly to consumers






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






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






46. Sales promotion aimed at final consumers






47. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






48. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






49. Organization's methods for dealing with emergencies






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