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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. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
Hostile Work Environment
Oligopoly
Marketing
Franchise
2. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Real GDP
Inflation
empowerment
integrated marketing communications
3. Difference of revenues - costs - and profit from the planned amounts.
Autocratic Leadership style
Reward Influence
Workplace Diversity
Variance
4. Markets focus on increasing the product's market share
Monopolistic competition
Sexual Harassment
growth stage
Wheeler-Lea Act of 1938
5. Form of a corporation spanning national boundaries
communication mix
premiums
Span of Control
Multinational (or Transnational) Corporation
6. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
types of utility
owner's equity
Purpose of Strategic Planning
factors that influence pricing decisions
7. The degree to which customers continue to purchase a specific brand
Leadership Style
Publicly Held (or Public) Corporation
Nepotism
brand loyalty
8. Business costs that remain constant regardless of the number of units produced
Position Influence
Recovery
net income
fixed costs
9. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
how companies learn about customer
brand names
public relations approach
calendar year
10. Business owned and usually operated by one person who is responsible for all its debts
Sole Proprietership
Swot Analysis
ratio analysis
Competition
11. Vying among businesses for the same resources or customers
persuasive advertising
Monopoly
Competition
Procedure
12. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Custom Manufacturing
Exchange Rate
Publicly Held (or Public) Corporation
Swot Analysis
13. Brand awareness - brand preference - brand insistence
permission marketing
Benefits
levels of brand loyalty
Centralized Organization
14. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Leadership Style
Goods Operations (Goods Production)
retained earnings
Unethical Behavior
15. Form of nonstore retailing in which the telephone is used to sell directly to consumers
stages in the life cycle of a product
form utility
price elasticity
Telemarketing
16. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
it produces the greatest amount of good for the greatest number
Corporation
assume that all workers are content with their work
media
17. A business firm that does things for you instead of making or makerting products
Supply Chain (Value Chain)
Joint Venture
Swot Analysis
Service Business
18. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
behavioral segmentation
Intellectual Property
dynamic pricing
19. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
debt-to-total-assets ratio
consumer promotion
cash basis
Reward Influence
20. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
Nepotism
Board of Directors
Leadership
Delegation
21. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Decentralized Organization
debt-to-total-assets ratio
growth stage
Acquisition
22. External statistical descriptors such as age - income - gender - and profession
direct mail
cost of goods sold
demographics
Retrenchment
23. 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
commercialization
Affirmative Action
Outcome-based ethics
Small Business Administration (SBA)
24. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Audit
Corporate Strategy
advertising
social media approach
25. Authority granted to committees or teams involved in a firm's daily operations
management by objectives (MBO)
Labor Union
Committee and Team Authority
Goods Operations (Goods Production)
26. Assets = liabilities + owner's equity
assets equation
Deregulation
Export
long-term liabilities
27. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Divestiture
management by objectives (MBO)
coupons
psychographics
28. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
World Trade Organization (WTO)
brand loyalty
news release
brand names
29. Mechanism for exchange between buyers and sellers of a particular good or service
levels of brand loyalty
3 Economic Role
Market
Business Ethics
30. Cash and items that can be turned into cash within one year
Monopolistic Competition
financial management
current assets
Supply
31. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Operations (Production) Management
types of utility
decline stage
Organizing
32. Act of obtaining a desired object or services from another party by offering something of value in return
customer service
exchange process
family branding
specialty advertising
33. Obligations that must be next within a year
Matrix Structures
permission marketing
target markets
current liabilities
34. 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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35. Strategic alliance in which the collaboration involves joint ownership of the new venture
certain disabilities and illnesses
Joint Venture
mission statement
Private enterprise
36. Managers and workers cooperating as a team
inventory turnover ratio
Privatization
Democratic Leadership Style
marketing
37. Ratio between net income after taxes and net sales; also known as profit margin
break-even analysis
trade allowance
delegate the task
return on sales
38. Portion of a brand that can be expressed orally - including letters - words - or numbers
cause-related marketing
working capital
brand names
Ethics
39. This law guards against false advertising.
Chain of Command
retained earnings
Wheeler-Lea Act of 1938
Marketer
40. Power to make the decisions necessary to complete a task
Controlling
trade promotions
Authority
news release
41. A leadership style where managers are less directive and involved employees in decision making
Goals
co-branding
financial control
Strategic Management
42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
ways to expand a product line
co-branding
Recession
working capital
43. Statement of a firm's financial position on a particular date; also known as a statement of financial position
balance sheet
marketable securities
general expenses
Long-Term Goal
44. The willingness and ability of buyers to purchase a good or service
Committee and Team Authority
Custom Manufacturing
Demand
personal sales approach
45. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
empowerment
cost of goods sold equation
promotional strategy
long-term liabilities
46. In a ____ authority originates at the top and moves downward in a line.
theory y
market segmentation
Strategic Management
line organization
47. Customer value created by converting raw materials and other inputs into finished goods and services
form utility
Quality
Decentralized Organization
theory y
48. Sales volume at a given price that will cover all of a company's costs
Merger
calendar year
break-even point
delegate the task
49. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
Corporate Strategy
Leadership Style
stages of product development
50. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
revenues
place marketing
why companies learn about customers so they can stay in touch with their current needs and wants
trademarks