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. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






2. 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






3. Direct communication other than personal sales contacts designed to effect a measurable response






4. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand






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






6. Assets = liabilities + owner's equity






7. Bar codes on product packages that provide information read by optical scanners






8. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






9. Owner of shares of stock in a corporation






10. Creating a flatter organization structure normally cutting out middle management






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






12. Managers and workers cooperating as a team






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






14. Categorization of customers according to their geographical location






15. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






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






17. Informal communication between customers and potential customers






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






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






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






21. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.






22. The total quantity and quality of goods and services people can purchase with the currency used in their economic system






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






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






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






26. Assets = liabilities + owner's equity






27. Advertising intended to remind existing customers of a product's availability and benefits






28. Nonsales communication that businesses have with their various audiences






29. Management process of monotoring an organization's performance to ensure that it is meeting its goals






30. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive






31. Motivator and hygiene factors need to be met to prevent dissatisfaction

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






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






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






35. Vying among businesses for the same resources or customers






36. The ability to carry out a task






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






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






39. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash






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






41. The act of transferring net revenue and expense account balances to retained earnings for the period






42. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.






43. Markets focus on increasing the product's market share






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






45. Reporting relationships within a company






46. The principal that exchange rates are set so that the prices of similar products in different countries are about the same






47. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit






48. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






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






50. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing