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. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






2. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






3. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold






4. 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






5. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






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






7. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals






8. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing






9. A leadership style where managers are less directive and involved employees in decision making






10. Total value of all goods and services produced within a given period by a national economy through domestic factors of production






11. Transferring work to another country






12. Ratio between net income after taxes and net sales; also known as profit margin






13. Continually adjusting prices to reflect changes in supply and demand






14. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






15. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.






16. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality






17. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'






18. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives






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






20. Offering several products for a single price that is presumably lower than the total of the products' individual prices






21. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions






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






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






24. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






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






26. The union of two corporations to form a new corporation






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






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






29. Physical products purchased by companies to produce other products






30. 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






31. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly






32. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






33. All the operating expenses associated with marketing goods or services






34. Advertising designed to encourage customers to try new products or to switch brands






35. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






36. 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






37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






38. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer






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






40. Manager responsible for supervising the work of employees






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






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






43. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments






44. 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






45. Location






46. Classification of customers on the basis of their psychological makeup - interests - and lifestyles






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






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






49. Personal communication between a seller and one or more potential buyers






50. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal