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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. Offering a temporary reduction in price
Exchange Rate
types of financial ratios
discount pricing
Long-range or strategic planning
2. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
Leadership
earnings per share
test marketing
3. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
market
Intellectual Property
accrual basis
management by objectives (MBO)
4. Specification of the jobs to be done within an organization and the ways in which they relate to one another
promotional strategy
Autocratic Leadership style
product advertising
Organizational Structure
5. Products characterized by a plain label - with no advertising and no brand name
Privatization
Retrenchment
generic products
brand extension
6. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
capital investments
Mission Statement
Span of Control
Corporate Strategy
7. Activities needed to move a product efficiently from manufacturer to consumer
Physical Distribution
direct marketing
product mix
Business (or Competitive) Strategy
8. Communications channels - such as newspapers - radio - and television
Wholesaler
media
advertising
Democratic Leadership Style
9. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
budget
price
function of packaging
capital budgeting
10. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
how companies learn about customer
auction pricing
Demand
Inflation
11. The collection and analysis of information for making marketing decisions
break-even analysis
need
marketing research
product line
12. Sales volume at a given price that will cover all of a company's costs
Policy
push strategy
break-even point
database marketing
13. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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14. The company founder is no longer solely responsible for all decision making during the ____.
premiums
growth through direction state
Hostile Work Environment
Monopoly
15. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
objectives
Maslow's hierarchy of needs
Gross National Product (GNP)
16. Vying among businesses for the same resources or customers
Three reasons nations trade
product advertising
Statutory Law
Competition
17. Individuals or households that buy goods and services for personal use
Corporate Strategy
brand extension
consumer market
growth through direction state
18. 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
generic products
Tactical Management
maturity stage
19. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Chain of Command
Authority
Outcome-based ethics
activity ratios
20. Occurs when two companies form one corporation
merger
psychographics
Affirmative Action
capital investments
21. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Management
form utility
Organizational Stakeholders
geographics
22. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
downsizing
consumer market
statement of cash flows
permission-based marketing
23. Stems from personal trust and respect members have for the leader
Common Law
Identity Influence
close the books
Copyright
24. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
quality control circles
limitations of marketing research
Marketing
statement of cash flows
25. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
Merger
Extractor
Organizational Chart
26. Free or bargain-priced items offered to encourage customers to buy a product
direct mail
stages in the life cycle of a product
premiums
brand
27. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
selling expenses
how companies learn about customer
Audit
sales promotion approach
28. Planned economic system in which the government owns and operates only selected major sources of production
Specialty Good/Specialty Service
Service Business
Tactical Management
Socialism
29. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
customer service
Out-sourcing
Theory Z
personal sales approach
30. Process by which the world is becoming a single interdependent system
Globalization
Outcome-based ethics
time utility
Variance
31. Categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
brand managers
return on sales
Business Plan
32. A period during which aggregate output - as measured by GDP - declines
authority
Maslow's hierarchy of needs
co-branding
Recession
33. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
debt ratios
Processing
Patent
Corporate Governance
34. A prolonged and deep recession
Recession
Depression
possession utility
Decentralized Organization
35. A business that grows products or takes raw material from nature
Extractor
Decision-Making Skills
Identity Influence
Goals
36. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Import
communication mix
balance sheet
Physical Distribution
37. A detailed series of related steps or tasks written to implement a policy is called a ____.
Procedure
Closely Held (or Private) Corporation
Officers
quick ratio
38. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
discount pricing
Philosophy
Services
Expert Influence
39. Current assets minus current liabilities
Organizational Stakeholders
positive reinforcement
working capital
Delegation
40. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Audit
Sarbanes-Oxley Act of 2002 (Sarbox)
brand managers
rebates
41. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
responsibility
S Corporation
psychographics
a continuous-flow operating system
42. Categorization of customers according to their geographical location
Capitalism
product line
Centralized Organization
geographic segmentation
43. Portion of a brand that can be expressed orally - including letters - words - or numbers
Retailer
brand names
Outsourcing
news release
44. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
brand
sales promotion approach
Philosophy
Decision Making
45. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
institutional advertising
Price Fixing
cost based pricing
Oligopoly
46. The creation and sharing of product-related information among customers and potential customers
Socialism
retained earnings
social commerce
marketing research
47. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Extractor
Capitalism
Theory Z
equity financing
48. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Restructuring
owner's equity equation
marketing
credit
49. The state of being certain that adverse effects will not be caused by some agent under defined conditions
capital investments
ratio analysis
Safety
Natural monopoly
50. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
European Union (EU)
Real GDP
Privatization
Mission Statement