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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
unity of command
Controlling
place utility
2. Objective that a business hopes and plans to achieve
Goal
Monopoly
Safety
fringe benefit
3. One seller of a product - denies people competition and is against the law (They can typically raise prices)
break-even point
social media approach
telemarketing
Monopoly
4. Stems from personal trust and respect members have for the leader
S Corporation
institutional advertising
Identity Influence
specialty advertising
5. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Inflation
limitations of marketing research
5 C's
Functional Strategy
6. Claims against a firm's assets by creditors - such as banks and suppliers
product
liabilities
Insider Trading
Mixed Management
7. Product - price - distribution - customer communication
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8. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
balance sheet
Intellectual Property
Chain of Command
9. Advertising intended to remind existing customers of a product's availability and benefits
brand loyalty
reminder advertising
authority
dynamic pricing
10. Electronic media that invite participation by the general public
return on equity ratio
brand equity
Goals
social media
11. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Retrenchment
family branding
Joint Venture
integrated marketing communications
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
Perfect competition
permission-based marketing
customer buying behavior
assets
13. The purchase of one company by another
cognitive dissonance
Acquisition
brand loyalty
Joint Venture
14. Transferring work to another country
Out-sourcing
benchmarking
marketing concept
Identity Influence
15. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
how companies learn about customer
certain disabilities and illnesses
dynamic pricing
marketing
16. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
Supply Chain (Value Chain)
Nepotism
Monopoly
debt-to-equity ratio
17. The value that a company has built up in a brand
risks of product-line extensions
contingency plans
brand equity
financial plan
18. profitability - liquidity - activities - and leverage/debt
time utility
types of financial ratios
permission-based marketing
organizational market
19. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
owner's equity equation
brand managers
Prosperity
Short-range or operational planning
20. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
marketable securities
Reward Influence
sales promotion
Quality
21. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
loss-leader pricing
form utility
Extension
advertising approach
22. Compensation other than wages and salaries
Benefits
permission marketing
financial control
Goods Operations (Goods Production)
23. Agreement to produce and market another company's product in exchange for a royalty or fee
market segmentation
consumer market
Certificate of Incorporation
license
24. Legal principal holding owners responsible for paying off all debts of a business
Unlimited Liability
Price Fixing
stages of product development
Contingent Worker
25. Nonsales communication that businesses have with their various audiences
productivity - the success of the managers - and the morale of the other employees
debt-to-equity ratio
public relations
Expert Influence
26. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Pure Competition
Planning
accounting equation
common pricing strategies
27. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
point-of-purchase display
horizontal analysis
Exchange Rate
28. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
Competition
cost of goods sold
Price Fixing
29. Selling or supporting the sales process over the telephone
news release
Decision-Making Skills
telemarketing
responsibilities of a financial manager
30. Introducing a new product at a low price in hopes of building sales volume quickly
positioning
penetration pricing
theory y
auction pricing
31. The ability to carry out a task
horizontal analysis
place marketing
authority
Limited Liability
32. Brands that have been given legal protection so that their owners have exclusive rights to their use
point-of-purchase display
trademarks
certain disabilities and illnesses
Affirmative Action
33. Postsales reductions in price - must be applied for by the purchaser
negative reinforcement
dynamic pricing
delegate the task
rebates
34. Amounts that are currently due to a company
objectives
accounts receivable
credit
downsizing
35. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Telemarketing
online display advertising
contingency plans
Natural monopoly
36. The company founder is no longer solely responsible for all decision making during the ____.
methods of finance for an expanding business
Private enterprise
growth through direction state
financial plan
37. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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38. Something produced by the intellect or mind that has commercial value
Monopolistic competition
Intellectual Property
Quality
premiums
39. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
why companies learn about customers so they can stay in touch with their current needs and wants
Unemployment
marketing concept
market segmentation
40. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
depreciation
Goal
Organizing
corporate strategies
41. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
Decentralized Organization
stages of product development
Gross Domestic Product (GDP)
42. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
grand strategies
balance sheet
Franchise
it produces the greatest amount of good for the greatest number
43. Mechanism for exchange between buyers and sellers of a particular good or service
Market
liabilities
unity of command
Oligopoly
44. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Capitalism
risks of product-line extensions
cost based pricing
Quid Pro Quo Harassment
45. Choosing one alternative from among several options
Decision Making
Organizational Structure
Chain of Command
marketing research
46. Partner who actively manages a firm and who has unlimited liability for its debts
Chain of Command
bundling
Recession
General (Active) Partner
47. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
demographics
Maslow's hierarchy of needs
Democratic Leadership Style
Philosophy
48. Online ads that are linked to search engine results or website content
search advertising
Capitalism
Processing
debt ratios
49. Illegal practice of using special knowledge about a firm for profit or gain
Insider Trading
levels of brand loyalty
Closely Held (or Private) Corporation
psychographics
50. Partnership between two or more companies to closely link their brand names together for a single product
Decentralized Organization
marketing
co-branding
loss-leader
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