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. Selling method in which the price is set by customers bidding against each other






2. The degree to which customers continue to purchase a specific brand






3. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal






4. This law guards against false advertising.






5. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations






6. 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






7. 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






8. Acquiring funds through borrowing






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






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






11. Introductory stage - growth stage - maturity stage - decline stage






12. A series of related products offered by a firm






13. Brand awareness - brand preference - brand insistence






14. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th






15. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce






16. Positive reinforcement - negative reinforcement - punishment






17. Product - price - distribution - customer communication

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18. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization






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






20. A forecast of financial requirements and the financing sources to be used






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






22. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it






23. Assets = liabilities + owner's equity






24. 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






25. Form of a corporation spanning national boundaries






26. Industry in which one company can most efficiently supply all needed goods or services






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






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






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






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






31. Process through which a manager allocates work to subordinates






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






33. Objective that a business hopes and plans to achieve






34. Applying a successful brand name to a new product category






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






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






37. 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






38. A large number of identical products are assembled using a continuous - efficient procedure






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






40. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes






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






42. Obligation employees have to their manager for the successful completion of an assigned task






43. Internal descriptors such as attitudes - interests - values - behaviors - and habits






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






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






46. Being accountable or being able to justify an action






47. In bookkeeping - an increase in assets






48. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them






49. Organization's methods for dealing with emergencies






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