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Test your basic knowledge |
Business Fundamentals
Start Test
Study First
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. Stems from personal trust and respect members have for the leader
Oligopoly
Identity Influence
test marketing
assets equation
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
grand strategies
Decision-Making Skills
Prosperity
levels of brand loyalty
3. Managers who develop and implement a complete strategy and marketing program for specific products or brands
loss-leader pricing
Corporate Governance
it produces the greatest amount of good for the greatest number
brand managers
4. Legal principal holding owners responsible for paying off all debts of a business
Strategic Alliance
Unlimited Liability
trade promotions
dynamic pricing
5. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
depreciation
Oligopoly
Imperfect Competition
decision-making role
6. Making a product available at a convenient time
time utility
Contingent Worker
Decentralized Organization
Tactical Management
7. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Extractor
cash basis
product advertising
Restructuring
8. Use a brand name on a variety of related products
general expenses
Mixed Management
Delegation
family branding
9. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Inflation
steps in the strategic marketing planning process
Franchise
Decision-Making Skills
10. Being accountable or being able to justify an action
penetration pricing
European Union (EU)
responsibility
Whistle Blower
11. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
earnings per share
Imperfect Competition
Perfect competition
financial control
12. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Affirmative Action
function of packaging
consumer market
discount pricing
13. Formal agreement to set prices. Sometimes illegal - but is typically secretive
direct mail
Collusion
break-even point equation
promotion
14. 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
ratio analysis
Decentralized Organization
activity ratios
form utility
15. Applying a successful brand name to a new product category
Chief Executive Officer (CEO)
Public Goods
brand extension
Short-range or operational planning
16. Objective that a business hopes and plans to achieve
Goal
General Partnership
Purchasing Power Party
SWOT analysis
17. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
permission-based marketing
elements of a company's marketing mix
Mass Production
18. Court-granted permission for a company to not pay some or all debts
Bankruptcy
ways to expand a product line
Expert Influence
public relations approach
19. A business that grows products or takes raw material from nature
premiums
trademarks
Decision Making
Extractor
20. Roles of shareholders - directors - and other managers in corporate decision making and accountability
selling expenses
equity financing
Corporate Governance
function of labels
21. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Unethical Behavior
double-entry bookkeeping
Public Goods
certain disabilities and illnesses
22. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
marketing
3 Economic Role
Ethical Behavior
common pricing strategies
23. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
product
Processing
auction pricing
psychographics
24. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
owner's equity equation
Depression
Retailer
private brands
25. A short - specific written statement of the reason a business exists and what it wants to achieve.
it produces the greatest amount of good for the greatest number
mission statement
current assets
accounts receivable turnover ratio
26. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
Goods Operations (Goods Production)
premiums
Identity Influence
27. Arises when group members recognize that the leader has special expertise in the area
Maslow's hierarchy of needs
Limited Partnership
Expert Influence
Board of Directors
28. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
Unethical Behavior
Wholesaler
Manufacturer
29. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Purpose of Strategic Planning
bundling
inside board members
Chain of Command
30. Agreement to produce and market another company's product in exchange for a royalty or fee
license
contingency plans
Service Business
productivity - the success of the managers - and the morale of the other employees
31. Nonsales communication that businesses have with their various audiences
3 Economic Role
public relations
revenues
liquidity ratios
32. Something produced by the intellect or mind that has commercial value
return on equity ratio
Intellectual Property
Monopolistic competition
Labor Union
33. A business firm that does things for you instead of making or makerting products
possession utility
co-branding
Service Business
Work Specialization
34. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
mission statement
Unethical Behavior
online display advertising
Workplace Diversity
35. Selling method in which the price is set by customers bidding against each other
Export
Maslow's hierarchy of needs
Expert Influence
auction
36. Making decisions without consulting anyone
personal sales approach
Autocratic Leadership style
quality control circles
specialty advertising
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. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
permission-based marketing
forecasting
social commerce
39. Results from the leader's ability to give or withhold rewards
brand mark
Reward Influence
brand equity
risks of product-line extensions
40. 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
inventory turnover ratio
accounts payable
Unlimited Liability
factors that influence pricing decisions
41. Motivator and hygiene factors need to be met to prevent dissatisfaction
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42. Internal descriptors such as attitudes - interests - values - behaviors - and habits
psychographics
Decentralized Organization
selling expenses
objectives
43. Cash and items that can be turned into cash within one year
Affirmative Action
current assets
Nepotism
Organizational Stakeholders
44. The quantity of a good that an average worker can produce in an hour
Unlimited Liability
Labor Productivity
telemarketing
ratio analysis
45. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
horizontal analysis
Operations (Production) Management
brand names
Corporate Governance
46. A measure of the sensitivity of demand to changes in price
schematic of marketing process
price elasticity
personal selling
Identity Influence
47. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
Centralized Organization
Specialty Good/Specialty Service
stages of product development
48. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
fixed assets
Small Business Administration (SBA)
place utility
Workplace Diversity
49. Money paid to acquire something of permanent value in a business
Perfect competition
capital investments
financial plan
cost of goods sold equation
50. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
assume that all workers are content with their work
contingency plans
3 Economic Role
Long-range or strategic planning