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. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure






2. Brand awareness - brand preference - brand insistence






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






4. Elimination of rules that restrict business activity






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






6. The company founder is no longer solely responsible for all decision making during the ____.






7. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






8. Compensation other than wages and salaries






9. Positive reinforcement - negative reinforcement - punishment






10. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






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






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






13. Larger visual and multimedia ads that appear on websites






14. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life






15. Cost of producing or acquiring a company's products for sale during a given period






16. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets






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






18. Occurs when widespread price increases occur throughout an economic system






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






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






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






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






23. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






24. All costs of operation that are not included under cost of goods sold






25. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions






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






27. Corporation whose stock is widely held and available for sale to the general public






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






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






30. This law guards against false advertising.






31. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






32. 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






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






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






35. Free or bargain-priced items offered to encourage customers to buy a product






36. Study of statistical characteristics of a population






37. Electronic media that invite participation by the general public






38. 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






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






40. Large-scale production and distribution of a product






41. This level of management includes department heads and district sales managers.






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






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






44. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






45. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts






46. Something produced by the intellect or mind that has commercial value






47. Lots of leeway to workers to meet goals






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






49. 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






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