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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. External statistical descriptors such as age - income - gender - and profession
Limited Partnership
authority
demographics
responsibilities of a financial manager
2. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
dynamic pricing
Maslow's hierarchy of needs
advertising approach
news conference
3. An extra amount of time granted to a party to make a payment
North American Free Trade Agreement (NAFTA)
place marketing
Extension
Price Fixing
4. Intermediary who sells products directly to consumers
Retailer
Business (or Competitive) Strategy
expenses
personal sales approach
5. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
Span of Control
Monopoly
return on sales
6. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
World Trade Organization (WTO)
Leadership Style
market segmentation
premiums
7. Nonsales communication that businesses have with their various audiences
Top Manager
direct marketing
public relations
Theory Z
8. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
Specialty Good/Specialty Service
Divestiture
Whistle Blower
9. Loss of brand identity and the cannibalization of sales of other products in the product line
risks of product-line extensions
stages in the life cycle of a product
brand mark
laissez-faire Leadership style
10. Partnership between two or more companies to closely link their brand names together for a single product
5 C's
Prosperity
Affirmative Action
co-branding
11. Legal principal holding owners responsible for paying off all debts of a business
Unlimited Liability
line organization
Functional Strategy
Gross Domestic Product (GDP)
12. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
certain disabilities and illnesses
Supply
organizational market
word of mouth
13. Being accountable or being able to justify an action
place utility
reminder advertising
retained earnings
responsibility
14. Any 12 consecutive months used as an accounting period
fiscal year
wants
credit
Common Law
15. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
types of financial ratios
Information Technology (IT)
communication mix
why companies learn about customers so they can stay in touch with their current needs and wants
16. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
skim pricing
return on equity ratio
World Trade Organization (WTO)
17. Somethings needed by a community and provided by its government
Public Goods
national brands
Ethics
sales promotion approach
18. Stems from personal trust and respect members have for the leader
Specialty Good/Specialty Service
institutional advertising
Certificate of Incorporation
Identity Influence
19. Advertising intended to remind existing customers of a product's availability and benefits
Labor Productivity
Supply Chain (Value Chain)
Privatization
reminder advertising
20. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
Privatization
Limited Liability
methods of finance for an expanding business
product life cycle
21. Systems for moving goods and services from producers to customers; also known as marketing channels
news release
Environmental Analysis
customer buying behavior
distribution channels
22. Measures income earned on owners' investment - formula: Net income/total owners' equity
General Partnership
return on equity ratio
Natural monopoly
Marketer
23. Certificates that offer discounts on particular items and are redeemed at the time of purchase
private brands
net income
cash basis
coupons
24. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
place utility
Limited Partner
objectives
Certificate of Incorporation
25. Effective acquisition and use of money
public relations
financial management
personal sales approach
Mixed Management
26. Manager responsible for a firm's overall performance and effectiveness
Top Manager
theory y
permission marketing
geographic segmentation
27. A business firm that does things for you instead of making or makerting products
Consumer Goods
commercialization
expenses
Service Business
28. Strategy in which two or more organizations collaborate on a project for mutual gain
Ethics
net income
Service Business
Strategic Alliance
29. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Decentralized Organization
Unemployment
vertical analysis
Collusion
30. The state of being certain that adverse effects will not be caused by some agent under defined conditions
product advertising
Safety
Real GDP
marketing concept
31. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
cost based pricing
general expenses
fixed costs
Limited Partnership
32. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
forecasting
bundling
behavioral segmentation
Nepotism
33. Marketing efforts to attract people and organizations to a particular geographical area
private brands
customer loyalty
Decision Making
place marketing
34. The price of your nation's currency is in terms of another nation's currency
Monopolistic competition
Delegation
Certificate of Incorporation
Exchange Rate
35. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Organizational Chart
Multinational (or Transnational) Corporation
ways to expand a product line
product advertising
36. The amount of money charged for a product or service
Collusion
test marketing
price
fiscal year
37. Sales volume at a given price that will cover all of a company's costs
Strategy
skim pricing
break-even point
word of mouth
38. In a ____ authority originates at the top and moves downward in a line.
Business Cycle
inventory turnover ratio
accounting equation
line organization
39. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
activity ratios
Outsourcing
price
Workplace Diversity
40. Study of statistical characteristics of a population
Human Resource Management (HRM)
Strategic Management
personal sales approach
demographics
41. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
Insider Trading
Limited Liability Corporation (LLC)
loss-leader
42. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
statement of cash flows
widgets
activity ratios
growth strategies
43. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Real GDP
Socialism
long-term liabilities
contract
44. Electronic media that invite participation by the general public
Long-range or strategic planning
Herzberg's two-factor theory
cognitive dissonance
social media
45. Elimination of rules that restrict business activity
specialty advertising
Pure Competition
Deregulation
productivity - the success of the managers - and the morale of the other employees
46. Arises when group members recognize that the leader has special expertise in the area
Certificate of Incorporation
why companies learn about customers so they can stay in touch with their current needs and wants
sales promotion
Expert Influence
47. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
debt ratios
inventory turnover ratio
working capital
customer loyalty
48. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Corporation
Leadership
marketing research
brand loyalty
49. The act of transferring net revenue and expense account balances to retained earnings for the period
statement of cash flows
S Corporation
Leading
close the books
50. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
institutional advertising
contract
brand mark
Monopolistic competition