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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. Internal descriptors such as attitudes - interests - values - behaviors - and habits
contract
psychographics
debt-to-total-assets ratio
Identity Influence
2. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
positioning
downsizing
place marketing
debt-to-equity ratio
3. The willingness and ability of buyers to purchase a good or service
Board of Directors
Acquisition
Demand
break-even analysis
4. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
retained earnings
Monopolistic competition
profitability ratios
5. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Safety
wants
marketing
Organizational Structure
6. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Imperfect Competition
Recession
Crisis Management
search advertising
7. Manager responsible for a firm's overall performance and effectiveness
Top Manager
unity of command
Decision Making
ways to expand a product line
8. This law guards against false advertising.
Wheeler-Lea Act of 1938
Decision-Making Skills
ways to expand a product line
co-branding
9. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
wants
Retrenchment
penetration pricing
Variance
10. Planned economic system in which the government owns and operates only selected major sources of production
brand loyalty
Socialism
Outsourcing
Inflation
11. Cash and items that can be turned into cash within one year
current assets
gross profit
social media approach
Labor Relations
12. Exchange of value between parties
geographics
cause-related marketing
transaction
Unethical Behavior
13. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Price Fixing
Manufacturer
Democratic Leadership Style
Organizational Stakeholders
14. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Limited Partner
schematic of marketing process
marketing concept
double-entry bookkeeping
15. Cost of goods sold = beginning inventory + net purchases - ending inventory
cause-related marketing
Business Plan
net income
cost of goods sold equation
16. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
grand strategies
price based pricing
break-even analysis
authority
17. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
Organizing
liabilities
pull strategy
possession utility
18. Introducing a new product at a low price in hopes of building sales volume quickly
Strategic Management
penetration pricing
balance sheet
reminder advertising
19. Unwelcome sexual advances in the workplace
Theory Z
Sexual Harassment
decline stage
Corporate Governance
20. Postsales reductions in price - must be applied for by the purchaser
market segmentation
rebates
Theory Z
brand loyalty
21. Marketers focus on stimulating demand for the new product
introductory stage
accrual basis
Franchise
equity financing
22. Payments other than wages or salaries - other benefits
Marketer
Delegation
inside board members
fringe benefit
23. Systems for moving goods and services from producers to customers; also known as marketing channels
Depression
sales promotion
transaction
distribution channels
24. Difference of revenues - costs - and profit from the planned amounts.
Service Business
methods of finance for an expanding business
positive reinforcement
Variance
25. Brand awareness - brand preference - brand insistence
advertising approach
levels of brand loyalty
Human Resource Management (HRM)
theory y
26. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
categories of customer communication
fringe benefit
accrual basis
Monopolistic Competition
27. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Common Law
push strategy
promotional strategy
advertising approach
28. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Tactical Management
theory x
brand names
29. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
brand
possession utility
Chief Executive Officer (CEO)
Human Resource Management (HRM)
30. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
expenses
merger
Depression
31. Study of statistical characteristics of a population
sales promotion
Unethical Behavior
elements of a company's marketing mix
demographics
32. The degree to which customers continue to purchase a specific brand
financial management
brand loyalty
Strategic Management
promotion
33. The action of ensuring that operations produce products that meet specific quality standards
stages of product development
Quality Control
Corporation
Specialty Good/Specialty Service
34. Current assets minus current liabilities
function of labels
accounting equation
working capital
debit
35. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
direct marketing
Policy
Venture Capital Company
Span of Control
36. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Inflation
stages of product development
quick ratio
reminder advertising
37. The union of two corporations to form a new corporation
Decision Making
Reward Influence
contingency plans
Merger
38. Products characterized by a plain label - with no advertising and no brand name
Limited Partnership
quality control circles
generic products
Tall Organizational Structure
39. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
productivity - the success of the managers - and the morale of the other employees
database marketing
Service Business
Herzberg's two-factor theory
40. An increase in liabilities
variable costs
debit
strategic marketing planning
cognitive dissonance
41. Pricing selling one product at a loss as a way to entice customers to consider other products
loss-leader
Chain of Command
Patent
Out-sourcing
42. 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
Perfect competition
advertising approach
marketing mix
Small Business Administration (SBA)
43. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
inside board members
limitations of marketing research
assets
commercialization
44. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Decentralized Organization
Chief Executive Officer (CEO)
laissez-faire Leadership style
SWOT analysis
45. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
organization behavior modification
Privatization
customer buying behavior
46. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
psychographics
point-of-purchase display
Purpose of Strategic Planning
factors that influence pricing decisions
47. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
Chain of Command
Universal Product Codes
Capitalism
48. Goal set for the very near future
Mass Production
inventory turnover ratio
cause-related marketing
Short-Term Goal
49. Customer value created when someone takes ownership of a product
retained earnings
Corporate Bond
possession utility
Gross National Product (GNP)
50. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Long-Term Goal
Organizing
Capitalism
Leadership Style