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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. Promotional campaigns that send information only to those people who've specifically asked to receive it






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






3. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






4. Organization for economic - social - and security cooperation among European nations






5. Objective that a business hopes and plans to achieve






6. Activities producing intangible and tangible products - such as entertainment - transportation - and education






7. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






8. Charging a high price for a new product during the introductory stage and lowering the price later






9. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






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






11. Assets = liabilities + owner's equity






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






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






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






15. Acquiring funds through borrowing






16. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






17. Using relative information to predict how many jobs will be needed






18. Informal communication between customers and potential customers






19. An increase in liabilities






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






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






22. Form of sexual harassment in which sexual favors are requested in return for job-related benefits






23. Costs created in the process of generating revenues






24. Goal set for the very near future






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






26. 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.






27. Media: news release; audience: broad - intensity: passive - active; purpose: inform






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






29. Informal work groups can affect ____.






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






31. Physical products purchased by companies to produce other products






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






33. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






34. Statement of a firm's financial position on a particular date; also known as a statement of financial position






35. Demographics - psychographics - and geographics






36. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)






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






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






39. Specific customer groups or segments to whom a company wants to sell a particular product






40. Ratios that measure a firm's reliance on debt financing of its operations






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






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






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






44. Act of obtaining a desired object or services from another party by offering something of value in return






45. The quantity of a good that an average worker can produce in an hour






46. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






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






48. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






49. A large number of identical products are assembled using a continuous - efficient procedure






50. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity







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