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. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






2. Process by which the world is becoming a single interdependent system






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






4. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit






5. Communications channels - such as newspapers - radio - and television






6. The combined use of tactical and strategic management






7. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase






8. Study of statistical characteristics of a population






9. Larger visual and multimedia ads that appear on websites






10. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights






11. Process through which a manager allocates work to subordinates






12. 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






13. Claims against a firm's assets by creditors - such as banks and suppliers






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






15. Arises when group members recognize that the leader has special expertise in the area






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






17. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)






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






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






20. Intermediary who sells products to other businesses for resale to final consumers






21. Stocks - bonds - and other investments that can be turned into cash quickly






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






23. The ability to carry out a task






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






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






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






27. 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.






28. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






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






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






31. Postsales reductions in price - must be applied for by the purchaser






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






33. Process of converting government enterprises into privately owned companies






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






35. 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






36. Unwelcome sexual advances in the workplace






37. Electronic media that invite participation by the general public






38. Assets - liabilities = owner's equity

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






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






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






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






43. Industry in which one company can most efficiently supply all needed goods or services






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






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






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






47. Payments other than wages or salaries - other benefits






48. Organization's statement of how it will achieve its purpose in the environment in which it conducts business






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






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