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. Stems from personal trust and respect members have for the leader






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






3. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth






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






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






6. Intermediary who sells products directly to consumers






7. Sales promotion aimed at final consumers






8. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters






9. Partner who actively manages a firm and who has unlimited liability for its debts






10. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others






11. A Theory Y manager is most likely to ____.






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






13. Manager responsible for a firm's overall performance and effectiveness






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






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






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






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






18. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period






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






20. Where products are conveniently placed for customers






21. Selling or supporting the sales process over the telephone






22. A sustained increase in the general level of prices






23. Complete list of all products that a company offers for sale






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






25. A series of related products offered by a firm






26. Owner of shares of stock in a corporation






27. 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






28. Brands owned by the manufacturers and distributed nationally






29. Informal work groups can affect ____.






30. Product made or grown abroad but sold domestically






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






32. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top






33. The action of ensuring that operations produce products that meet specific quality standards






34. Managers who develop and implement a complete strategy and marketing program for specific products or brands






35. Strategic alliance in which the collaboration involves joint ownership of the new venture






36. Small software programs that provide part of the functionality of a website






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






38. The amount of money charged for a product or service






39. Nonsales communication that businesses have with their various audiences






40. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)


41. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments






42. Selling one product at a loss as a way to entice customers to consider other products






43. Inexpensive good or service purchased and consumed rapidly and regularly






44. Products characterized by a plain label - with no advertising and no brand name






45. Location






46. Use a brand name on a variety of related products






47. The movement of an economy from one condition to another and back again






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






49. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large






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