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. The purchase of one company by another






2. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located






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

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4. Vying among businesses for the same resources or customers






5. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize






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






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






8. A series of related products offered by a firm






9. Physical products purchased by companies to produce other products






10. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data






11. 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






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






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. The state of being certain that adverse effects will not be caused by some agent under defined conditions






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






16. The company founder is no longer solely responsible for all decision making during the ____.






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






18. Delegating more power to employees






19. Planned economic system in which the government owns and operates only selected major sources of production






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






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






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






23. People are lazy






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






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






26. Corporation whose stock is widely held and available for sale to the general public






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






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






29. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities






30. Somethings needed by a community and provided by its government






31. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






32. Strategy in which two or more organizations collaborate on a project for mutual gain






33. Law made by the authority of administrative agencies






34. Method of calculating the minimum volume of sales needed at a given price to cover all costs






35. Brands that have been given legal protection so that their owners have exclusive rights to their use






36. Study of statistical characteristics of a population






37. Manager responsible for implementing the strategies and working toward the goals set by top managers






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






39. 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






40. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations






41. Product made or grown abroad but sold domestically






42. Independent and well informed buyers and sellers of the exact same product (farmers markets)






43. The combined use of tactical and strategic management






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






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






46. Characteristic of decentralized companies with relatively few layers of management






47. Loss of brand identity and the cannibalization of sales of other products in the product line






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






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






50. Free or bargain-priced items offered to encourage customers to buy a product