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. Positive reinforcement - negative reinforcement - punishment






2. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users






3. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.






4. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest






5. Promotional campaigns that send information only to those people who've specifically asked to receive it






6. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work






7. When a task is too time consuming for a manager to handle alone - he or she may ____.






8. This law guards against false advertising.






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






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






11. Ratio between net income after taxes and total owners' equity; also known as return on equity






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






13. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce






14. Process through which a manager allocates work to subordinates






15. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations






16. Lots of leeway to workers to meet goals






17. 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






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






19. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.






20. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes






21. Partnership between two or more companies to closely link their brand names together for a single product






22. Intermediary who sells products directly to consumers






23. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






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






25. Continually adjusting prices to reflect changes in supply and demand






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






27. Marketers focus on stimulating demand for the new product






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






29. Offering a temporary reduction in price






30. 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






31. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






32. 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






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






34. When organizations change raw materials into finished goods






35. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line






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






37. Product development stage in which a product is sold on a limited basis - a trial introduction






38. Body of decisions handed down by courts ruling on individual cases






39. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer






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






41. Authority granted to committees or teams involved in a firm's daily operations






42. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these






43. 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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44. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis






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






46. Codified rules of behavior enforced by society






47. Payments other than wages or salaries - other benefits






48. The four key elements of marketing strategy: product - price - distribution - and promotion






49. Cash and items that can be turned into cash within one year






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