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. One seller of a product - denies people competition and is against the law (They can typically raise prices)






2. Marketing efforts to attract people and organizations to a particular geographical area






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






4. Claims against a firm's assets by creditors - such as banks and suppliers






5. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid






6. Confusion results if a person reports to two people at once - according to ____.






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






8. 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






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






10. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation






11. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives






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






13. Elimination of rules that restrict business activity






14. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products






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






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






18. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position






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






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






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






22. A business that is involvec with moving goods from producers to consumers






23. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product






24. Electronic media that invite participation by the general public






25. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio






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






27. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most






28. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention






29. Categorization of customers according to their geographical location






30. Roles of shareholders - directors - and other managers in corporate decision making and accountability






31. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






32. Product made or grown abroad but sold domestically






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






34. Exchange of value between parties






35. Arises when group members recognize that the leader has special expertise in the area






36. 12 month accounting period that begins on January 1 and ends on December 31






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






38. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.






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






40. Informal communication between customers and potential customers






41. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products






42. The price of your nation's currency is in terms of another nation's currency






43. 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






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






45. Sales volume at a given price that will cover all of a company's costs






46. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise






47. Process of converting government enterprises into privately owned companies






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






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






50. All costs of operation that are not included under cost of goods sold