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. Product - price - distribution - customer communication


2. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests






3. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors






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






5. Takes the extractor's products or raw materials and changs the into a form that consumers can use






6. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance






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






8. profitability - liquidity - activities - and leverage/debt






9. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






10. A group of customer who need or want a particular product and have the money to buy it






11. Categorization of customers according to their geographical location






12. 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






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






14. Being accountable or being able to justify an action






15. Payments other than wages or salaries - other benefits






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






17. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels






18. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio






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






20. This level of management includes department heads and district sales managers.






21. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices






22. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






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






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






25. Management process of determining how to best arrange an organization's resources and activities into a coherent structure






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






27. 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






28. 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






29. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.






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






31. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors






32. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase






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






34. The level of joblessness among people actively seeking work in an economic system






35. A sustained increase in the general level of prices






36. The union of two corporations to form a new corporation






37. Type of partnership consisting of limited partners and a general (or active) partner






38. Acquiring funds through borrowing






39. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company






40. The quantity of a good that an average worker can produce in an hour






41. This law guards against false advertising.






42. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification






43. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment






44. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






45. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.






46. A document - generally issued by a state government - giving permission to start a corporation






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






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






49. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






50. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals