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. Continually adjusting prices to reflect changes in supply and demand






2. Good or service used as the basis of commerce






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






4. Product made or grown abroad but sold domestically






5. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...






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






7. Delegating more power to employees






8. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another






9. Expensive - rarely purchased good or service






10. A firm's portion of the total sales in a market






11. Costs created in the process of generating revenues






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






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






14. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade






15. Physical products purchased by consumers for personal use






16. The act of transferring net revenue and expense account balances to retained earnings for the period






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






18. 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






19. Strategic alliance in which the collaboration involves joint ownership of the new venture






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






21. Law made by the authority of administrative agencies






22. Obtain goods they cannot produce - reflect comparative advantage - and create jobs






23. Organization's methods for dealing with emergencies






24. Changes the form of material so they can be consumed or used to manufacture other products






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






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






27. Unwelcome sexual advances in the workplace






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






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






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






31. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.






32. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items






33. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






34. Cost of producing or acquiring a company's products for sale during a given period






35. Stocks - bonds - and other investments that can be turned into cash quickly






36. Market or industry characterized by numerous small firms producing an identical product






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






38. Small software programs that provide part of the functionality of a website






39. Personal communication between a seller and one or more potential buyers






40. Positive reinforcement - negative reinforcement - punishment






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






42. Form of nonstore retailing in which the telephone is used to sell directly to consumers






43. The creation and sharing of product-related information among customers and potential customers






44. Diagram depicting a company's structure and showing employees where they fit into its operations






45. 12 month accounting period that begins on January 1 and ends on December 31






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






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






48. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique






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






50. Markets focus on increasing the product's market share