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






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






3. 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






4. People are lazy






5. Organization in which most decision-making authority is held by upper-level management






6. Being accountable or being able to justify an action






7. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






8. Discount offered by producers to wholesalers and retailers






9. A prolonged and deep recession






10. Illegal practice of using special knowledge about a firm for profit or gain






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






12. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






13. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data






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






15. Business owned and usually operated by one person who is responsible for all its debts






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






17. Elimination of rules that restrict business activity






18. Changes the form of material so they can be consumed or used to manufacture other products






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






20. Reporting relationships within a company






21. Statement of a firm's financial position on a particular date; also known as a statement of financial position






22. An extra amount of time granted to a party to make a payment






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






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






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






26. Product made or grown abroad but sold domestically






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






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






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






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






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






32. Small groups in the same work area that have scheduled meetings about problems and how to fix them






33. 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






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






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






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






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

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






39. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers






40. Managers and workers cooperating as a team






41. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product






42. Products having nonphysical features - such as information - expertise - or an activity that can be purchased






43. Using relative information to predict how many jobs will be needed






44. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting






45. The collection and analysis of information for making marketing decisions






46. Making a product available at a convenient time






47. Business costs that remain constant regardless of the number of units produced






48. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






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






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