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






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






3. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






4. Exchange of value between parties






5. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines






6. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






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






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






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






10. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service






11. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






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






13. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment






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






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






16. Customer value added by making a product available in a convenient location






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






18. Difference of revenues - costs - and profit from the planned amounts.






19. Delegating more power to employees






20. Brand awareness - brand preference - brand insistence






21. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta






22. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






23. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.






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






25. Building a specific and unique product to meet the needs of one consumer






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






27. 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






28. Customer value created by converting raw materials and other inputs into finished goods and services






29. Current assets minus current liabilities






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






31. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






32. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr






33. Economy in which individuals control production and allocation decisions through supply and demand






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






35. 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






36. Systems for moving goods and services from producers to customers; also known as marketing channels






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






38. The purchase of one company by another






39. In bookkeeping - an increase in assets






40. Codified rules of behavior enforced by society






41. The willingness and ability of buyers to purchase a good or service






42. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






43. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers






44. 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






45. Assets = liabilities + owner's equity






46. Physical products purchased by consumers for personal use






47. Discount offered by producers to wholesalers and retailers






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






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






50. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits