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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. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
financial plan
Corporate Bond
Unlimited Liability
commercialization
2. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Limited Partnership
general expenses
organizational market
Public Goods
3. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Closely Held (or Private) Corporation
Span of Control
Philosophy
Out-sourcing
4. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
opportunity cost
Industrial Goods
Tall Organizational Structure
Short-range or operational planning
5. Business costs that increase with the number of units produced
distribution channels
organizational market
variable costs
stages in the life cycle of a product
6. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Out-sourcing
current liabilities
Labor Union
7. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
stages of product development
vertical analysis
direct marketing approach
8. The movement of an economy from one condition to another and back again
Business Cycle
Monopolistic competition
Tactical Management
personal sales approach
9. The ability to get others to accoplish tasks because of the position the leader holds
owner's equity equation
Position Influence
function of packaging
Mass Production
10. Market or industry characterized by numerous small firms producing an identical product
Patent
direct marketing approach
Perfect competition
financial management
11. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
Standard of Living
Mass Production
5 C's
12. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
Privatization
Unemployment
demographics
13. Group of small investors who invest money in companies with rapid growth potential
Venture Capital Company
Tactical Management
Export
benchmarking
14. Goal set for an extended time - typically 5 years or more in the future
Convenience Good/Convenience Service
Long-Term Goal
reminder advertising
Short-Term Goal
15. Advertising sent directly to potential customers - usually through the mail
direct mail
Top Manager
Tall Organizational Structure
bundling
16. Lots of leeway to workers to meet goals
Standard of Living
Closely Held (or Private) Corporation
brand loyalty
laissez-faire Leadership style
17. Stocks - bonds - and other investments that can be turned into cash quickly
quick ratio
marketable securities
Demand
Organizational Stakeholders
18. Customer value added by making a product available at a convenient time
time utility
marketing mix
Limited Partnership
debt ratios
19. Difference of revenues - costs - and profit from the planned amounts.
Variance
demographics
growth strategies
brand equity
20. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
inventory turnover ratio
target markets
contingency plans
Sarbanes-Oxley Act of 2002 (Sarbox)
21. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
skim pricing
unity of command
license
Prosperity
22. 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
gross profit
marketing concept
Autocratic Leadership style
Long-range or strategic planning
23. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
balance sheet
Benefits
product advertising
commercialization
24. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Socialism
decline stage
sales promotion approach
Business (or Competitive) Strategy
25. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
consumer market
Swot Analysis
laissez-faire Leadership style
Theory Z
26. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Middle Manager
Theory Z
communication mix
marketing research
27. Ratio between net income after taxes and net sales; also known as profit margin
Nepotism
return on sales
product
authority
28. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Unethical Behavior
Corporate Strategy
Nepotism
trade allowance
29. The degree to which customers continue to purchase a specific brand
corporate strategies
brand loyalty
demographics
theory y
30. Occurs when widespread price increases occur throughout an economic system
return on equity ratio
Inflation
promotion
auction pricing
31. 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
Physical Distribution
Business (or Competitive) Strategy
ways to expand a product line
brand names
32. Strategy in which two or more organizations collaborate on a project for mutual gain
psychographics
Strategic Alliance
cost of goods sold equation
Joint Venture
33. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Safety
Price Fixing
Supply Chain (Value Chain)
quality control circles
34. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
customer buying behavior
Industrial Goods
liquidity ratios
35. Planned economic system in which the government owns and operates only selected major sources of production
product life cycle
Socialism
telemarketing
elements of a company's marketing mix
36. Demographics - psychographics - and geographics
marketing strategy
primary factors of market segmentation
middle management
market
37. Intermediary who sells products directly to consumers
management by objectives (MBO)
close the books
Retailer
debt-to-equity ratio
38. Categorization of customers according to their geographical location
Sexual Harassment
geographic segmentation
Acquisition
Organizational Structure
39. Manager responsible for supervising the work of employees
Ethics
psychographics
First-Line Manager
communication mix
40. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
social commerce
Business Plan
net income
direct marketing approach
41. Assets - liabilities = owner's equity
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42. Goal set for the very near future
Board of Directors
Management
Short-Term Goal
time utility
43. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
strategic marketing planning
form utility
Business (or Competitive) Strategy
Recession
44. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
consumer promotion
how companies learn about customer
permission marketing
introductory stage
45. 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.
responsibilities of a financial manager
Restructuring
market
management by objectives (MBO)
46. Product made or grown abroad but sold domestically
Import
Controlling
news conference
online display advertising
47. Customer value added by making a product available in a convenient location
Work Specialization
place utility
owner's equity
current liabilities
48. Business owned and usually operated by one person who is responsible for all its debts
integrated marketing communications
Ethics
Sole Proprietership
debt-to-equity ratio
49. Exchange of value between parties
social media
Work Specialization
Demand
transaction
50. Something that the employee dislikes is taken away
persuasive advertising
negative reinforcement
certain disabilities and illnesses
promotion