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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. Assets = liabilities + owner's equity
Organizational Structure
accounting equation
Business Ethics
Organization Chart
2. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Privatization
elements of a company's marketing mix
growth through direction state
advertising
3. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Marketing
Limited Liability
job rotation
fringe benefit
4. Acquiring funds by selling shares of a company's stock
equity financing
cause-related marketing
customer service
Hostile Work Environment
5. Manager responsible for implementing the strategies and working toward the goals set by top managers
calendar year
permission marketing
Middle Manager
levels of brand loyalty
6. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
Organization Chart
news conference
financial control
7. Management process of guiding and motivating employees to meet an organization's objectives
Leading
depreciation
distribution channels
Corporation
8. Offering a temporary reduction in price
objectives
family branding
discount pricing
market share
9. Postsales reductions in price - must be applied for by the purchaser
debt-to-total-assets ratio
Monopoly
return on sales
rebates
10. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
inventory turnover ratio
Physical Distribution
Outcome-based ethics
Publicly Held (or Public) Corporation
11. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
Workplace Diversity
product life cycle
advertising approach
customer service
12. Ratios that measure a firm's reliance on debt financing of its operations
debt ratios
current ratio
form utility
general expenses
13. Changes the form of material so they can be consumed or used to manufacture other products
marketing research
public relations approach
Processing
product line
14. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
activity ratios
strategic marketing planning
Functional Strategy
commercialization
15. 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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16. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Authority
bundling
advertising
Monopoly
17. A series of related products offered by a firm
owner's equity equation
cognitive dissonance
product line
marketing strategy
18. Codified rules of behavior enforced by society
Laws
permission marketing
Matrix Structures
Privatization
19. Building a specific and unique product to meet the needs of one consumer
marketing concept
Mass Production
current ratio
Custom Manufacturing
20. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
debt-to-total-assets ratio
sales promotion
Chain of Command
owner's equity
21. Obligation employees have to their manager for the successful completion of an assigned task
Accountability
need
Prosperity
Leadership
22. A group of customer who need or want a particular product and have the money to buy it
national brands
Position Influence
social commerce
market
23. Ethical or unethical behaviors by employees in the context of their jobs
productivity - the success of the managers - and the morale of the other employees
social media
Custom Manufacturing
Business Ethics
24. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
it produces the greatest amount of good for the greatest number
debt financing
Depression
skim pricing
25. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Matrix Structures
co-branding
Limited Liability Corporation (LLC)
management by objectives (MBO)
26. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
Oligopoly
product line
types of financial ratios
27. Personal communication between a seller and one or more potential buyers
personal selling
Swot Analysis
ways to expand a product line
marketing
28. Process of converting government enterprises into privately owned companies
Depression
market segmentation
Privatization
organizational market
29. Something that the employee dislikes is taken away
negative reinforcement
push strategy
retained earnings
Patent
30. Selling method in which the price is set by customers bidding against each other
social media
Imperfect Competition
auction
methods of finance for an expanding business
31. Small groups in the same work area that have scheduled meetings about problems and how to fix them
Standard of living
quality control circles
Prime Rate
Sexual Harassment
32. Amounts that are currently due to a company
Organization Chart
Supply Chain (Value Chain)
Labor Relations
accounts receivable
33. Manager responsible for supervising the work of employees
Closely Held (or Private) Corporation
Gross National Product (GNP)
First-Line Manager
grand strategies
34. This law guards against false advertising.
Wheeler-Lea Act of 1938
product life cycle
return on investment
Custom Manufacturing
35. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
news conference
public relations approach
social commerce
market segmentation
36. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
theory y
accounting equation
form utility
Ethical Behavior
37. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Affirmative Action
Nepotism
Custom Manufacturing
Strategic Alliance
38. Transferring work to another country
word of mouth
Extractor
Out-sourcing
Sexual Harassment
39. All costs of operation that are not included under cost of goods sold
public relations approach
operating expenses
decision-making role
marketable securities
40. Senior company managers who serve on the company's board of directors are known as ____.
inside board members
price
strategic marketing planning
Sarbanes-Oxley Act of 2002 (Sarbox)
41. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Deregulation
Gross National Product (GNP)
Price Fixing
unity of command
42. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
fiscal year
marketing
quality control circles
database marketing
43. Customer value added by making a product available in a convenient location
vertical analysis
Chain of Command
place utility
factors that influence pricing decisions
44. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Real GDP
integrated marketing communications
Collusion
assets
45. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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46. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
Depression
Herzberg's two-factor theory
accounts receivable turnover ratio
47. The willingness and ability of buyers to purchase a good or service
Span of Control
retained earnings
Demand
Goal
48. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
depreciation
return on sales
North American Free Trade Agreement (NAFTA)
49. A business firm that does things for you instead of making or makerting products
Supply Chain (Value Chain)
word of mouth
communication mix
Service Business
50. Being accountable or being able to justify an action
growth through direction state
current assets
rebates
responsibility
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