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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. Online ads that are linked to search engine results or website content
Inflation
brand extension
search advertising
management by objectives (MBO)
2. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Custom Manufacturing
ways to expand a product line
Corporation
3. Cost of producing or acquiring a company's products for sale during a given period
cost of goods sold
Purpose of Strategic Planning
Contingent Worker
Convenience Good/Convenience Service
4. Process of dealing with employees who are represented by a union
Intellectual Property
premiums
Labor Relations
statement of cash flows
5. 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
marketing concept
ratio analysis
Long-range or strategic planning
Long-Term Goal
6. The creation and sharing of product-related information among customers and potential customers
Corporate Governance
social commerce
Planning
Market
7. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
penetration pricing
license
fixed assets
Monopolistic Competition
8. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Strategic Alliance
Quid Pro Quo Harassment
private brands
financial plan
9. Customer value created by converting raw materials and other inputs into finished goods and services
commercialization
operating expenses
form utility
Span of Control
10. Personal communication between a seller and one or more potential buyers
personal selling
Out-sourcing
general expenses
Mission Statement
11. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Position Influence
risks of product-line extensions
Privatization
general expenses
12. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
assets equation
Privatization
balance sheet
advertising
13. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
long-term liabilities
Reward Influence
Gross Domestic Product (GDP)
Functional Strategy
14. Senior company managers who serve on the company's board of directors are known as ____.
inside board members
job rotation
premiums
discount pricing
15. The willingness and ability of producers to offer a good or service for sale
Supply
Real GDP
psychographics
Limited Liability
16. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
Labor Productivity
Functional Strategy
marketing
17. The willingness and ability of buyers to purchase a good or service
Collusion
Demand
Controlling
Market
18. This law guards against false advertising.
Wheeler-Lea Act of 1938
market share
net income
communication mix
19. The degree to which customers continue to purchase a specific brand
break-even analysis
market segmentation
brand loyalty
behavioral segmentation
20. Small software programs that provide part of the functionality of a website
market segmentation
opportunity cost
Regulatory (Administrative) Law
widgets
21. Individuals or households that buy goods and services for personal use
European Union (EU)
Expert Influence
consumer market
growth strategies
22. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
current liabilities
Prosperity
Corporate Bond
Sarbanes-Oxley Act of 2002 (Sarbox)
23. Positive reinforcement - negative reinforcement - punishment
organization behavior modification
sales promotion
Real GDP
Matrix Structures
24. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
media
marketing strategy
Socialism
25. Economic system that allows individuals to pursue their own interests without undue governmental restriction
price
Business Plan
Venture Capital Company
Private enterprise
26. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Accountability
theory y
accounts payable
27. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
organization behavior modification
Outcome-based ethics
demographics
debt-to-total-assets ratio
28. Communications channels - such as newspapers - radio - and television
Prosperity
assets
media
Divestiture
29. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
Quid Pro Quo Harassment
direct marketing approach
corporate strategies
30. The union of two corporations to form a new corporation
specialty advertising
5 C's
distribution channels
Merger
31. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Depression
horizontal analysis
Supply
theory x
32. Type of partnership consisting of limited partners and a general (or active) partner
geographics
loss-leader
retained earnings
Limited Partnership
33. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Common Law
ratio analysis
Prosperity
Human Resource Management (HRM)
34. Measures income earned on owners' investment - formula: Net income/total owners' equity
Flat Organizational Structure
return on equity ratio
Short-Term Goal
Venture Capital Company
35. Being accountable or being able to justify an action
Purchasing Power Party
responsibility
financial management
reminder advertising
36. profitability - liquidity - activities - and leverage/debt
forecasting
types of financial ratios
personal selling
net income
37. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
close the books
primary factors of market segmentation
accounts receivable turnover ratio
forecasting
38. Strategy whereby a firm sells one or more of its business units
downsizing
theory y
Divestiture
Socialism
39. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Centralized Organization
product line
psychographics
product advertising
40. The value that a company has built up in a brand
brand equity
horizontal analysis
equity financing
Mission Statement
41. Use a brand name on a variety of related products
Organizational Chart
family branding
Monopolistic competition
World Trade Organization (WTO)
42. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
strategic marketing planning
Marketer
skim pricing
43. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
Outcome-based ethics
product line
World Trade Organization (WTO)
steps in the strategic marketing planning process
44. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
calendar year
Accountability
Officers
45. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
online display advertising
skim pricing
Imperfect Competition
Service Operations (Service Production)
46. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
debt financing
Acquisition
Herzberg's two-factor theory
47. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
rebates
long-term liabilities
auction pricing
48. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
risks of product-line extensions
First-Line Manager
Business Plan
owner's equity
49. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
marketing research
Telemarketing
Outsourcing
marketable securities
50. A short - specific written statement of the reason a business exists and what it wants to achieve.
telemarketing
marketing
mission statement
fixed assets