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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. Good or service used as the basis of commerce
capital investments
consumer market
product
earnings per share
2. Group of small investors who invest money in companies with rapid growth potential
Venture Capital Company
time utility
working capital
schematic of marketing process
3. Personal communication between a seller and one or more potential buyers
Audit
Extension
elements of a company's marketing mix
personal selling
4. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
long-term liabilities
close the books
Patent
Sarbanes-Oxley Act of 2002 (Sarbox)
5. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product (GDP)
telemarketing
Committee and Team Authority
product
6. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
pull strategy
demographics
Monopolistic competition
Certificate of Incorporation
7. Codified rules of behavior enforced by society
Universal Product Codes
need
brand loyalty
Laws
8. Something produced by the intellect or mind that has commercial value
Intellectual Property
Hostile Work Environment
marketing research
5 C's
9. Introducing a new product at a low price in hopes of building sales volume quickly
social media
penetration pricing
positioning
Physical Distribution
10. Online ads that are linked to search engine results or website content
search advertising
Perfect competition
assets equation
Three reasons nations trade
11. Marketers focus on stimulating demand for the new product
limitations of marketing research
introductory stage
Organizational Chart
Delegation
12. Stems from personal trust and respect members have for the leader
Intellectual Property
Identity Influence
empowerment
downsizing
13. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Ethical Behavior
brand names
cognitive dissonance
fixed assets
14. The company founder is no longer solely responsible for all decision making during the ____.
consumer market
growth through direction state
fiscal year
Retrenchment
15. Rewarded for good performance; something the employee likes is praised
Extension
Prime Rate
news release
positive reinforcement
16. A firm's portion of the total sales in a market
contingency plans
market share
transaction
Limited Liability
17. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
Chain of Command
retained earnings
Statutory Law
18. 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
Strategic Alliance
form utility
ratio analysis
budget
19. Brands owned by the manufacturers and distributed nationally
organizational market
introductory stage
SWOT analysis
national brands
20. Mix of people in organizations in terms of essential/demographic status
brand names
levels of brand loyalty
break-even point
Workplace Diversity
21. A business that is involvec with moving goods from producers to consumers
Decision-Making Skills
World Trade Organization (WTO)
Privatization
Marketer
22. Exchange of value between parties
Benefits
discount pricing
transaction
customer buying behavior
23. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
calendar year
geodemographics
Supply
24. The four key elements of marketing strategy: product - price - distribution - and promotion
empowerment
marketing mix
Theory Z
Market
25. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
World Trade Organization (WTO)
Socialism
Laws
vertical analysis
26. Business costs that remain constant regardless of the number of units produced
direct marketing
geographics
fixed costs
Prime Rate
27. The purchase of one company by another
family branding
Manufacturer
Acquisition
organization behavior modification
28. Intermediary who sells products directly to consumers
Retailer
customer buying behavior
grand strategies
Private enterprise
29. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Supply Chain (Value Chain)
growth stage
Position Influence
product line
30. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
product line
cognitive dissonance
how companies learn about customer
Leadership
31. All costs of operation that are not included under cost of goods sold
financial management
operating expenses
contingency plans
social commerce
32. 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
Board of Directors
trademarks
product line
Maslow's hierarchy of needs
33. Advertising designed to encourage customers to try new products or to switch brands
family branding
persuasive advertising
Substitute Product
positioning
34. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
ways to expand a product line
marketing research
social commerce
exchange process
35. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
capital budgeting
stages in the life cycle of a product
Centralized Organization
36. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Exchange Rate
Industrial Goods
Benefits
Contingent Worker
37. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
Labor Union
Business Ethics
levels of brand loyalty
38. This level of management includes department heads and district sales managers.
middle management
brand equity
direct marketing approach
Specialty Good/Specialty Service
39. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
online display advertising
premiums
skim pricing
promotion
40. Building a specific and unique product to meet the needs of one consumer
market
Wheeler-Lea Act of 1938
Custom Manufacturing
Corporate Governance
41. In bookkeeping - an increase in assets
credit
Recovery
Planning
personal sales approach
42. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
function of packaging
Insider Trading
Democratic Leadership Style
43. Managers and workers cooperating as a team
discount pricing
Top Manager
Democratic Leadership Style
inside board members
44. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
General Partnership
balance sheet
Business Plan
authority
45. 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
Long-range or strategic planning
Convenience Good/Convenience Service
credit
Organizational Structure
46. Changes the form of material so they can be consumed or used to manufacture other products
Limited Liability
Maslow's hierarchy of needs
Processing
Democratic Leadership Style
47. Statement of a firm's financial position on a particular date; also known as a statement of financial position
function of packaging
earnings per share
balance sheet
growth stage
48. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Prosperity
Franchise
Market
management by objectives (MBO)
49. Business owned and usually operated by one person who is responsible for all its debts
Regulatory (Administrative) Law
Sole Proprietership
Deregulation
Unlimited Liability
50. Method of calculating the minimum volume of sales needed at a given price to cover all costs
Crisis Management
Goods Operations (Goods Production)
negative reinforcement
break-even analysis