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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
personal selling
search advertising
Standard of living
Environmental Analysis
2. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
methods of finance for an expanding business
discount pricing
Benefits
Ethics
3. Changes the form of material so they can be consumed or used to manufacture other products
Middle Manager
skim pricing
function of packaging
Processing
4. Transferring work to another country
Out-sourcing
cost of goods sold equation
function of labels
retained earnings
5. Goal set for an extended time - typically 5 years or more in the future
discount pricing
World Trade Organization (WTO)
theory y
Long-Term Goal
6. All the operating expenses associated with marketing goods or services
downsizing
Deregulation
selling expenses
certain disabilities and illnesses
7. Study of statistical characteristics of a population
place utility
geodemographics
brand equity
demographics
8. Planned economic system in which the government owns and operates only selected major sources of production
Supply Chain (Value Chain)
Socialism
Sole Proprietership
Chief Executive Officer (CEO)
9. Business costs that remain constant regardless of the number of units produced
Chain of Command
fixed costs
product advertising
Leading
10. Brands that have been given legal protection so that their owners have exclusive rights to their use
Purpose of Strategic Planning
trademarks
sales promotion
Reward Influence
11. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Copyright
Market
Patent
cash basis
12. Markets focus on increasing the product's market share
national brands
marketing mix
growth stage
need
13. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
credit
Organizing
need
premiums
14. Personal communication between a seller and one or more potential buyers
sales promotion approach
personal selling
Outcome-based ethics
product
15. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
long-term liabilities
Autocratic Leadership style
Accountability
brand mark
16. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
function of labels
revenues
push strategy
Benefits
17. Diagram depicting a company's structure and showing employees where they fit into its operations
cost of goods sold
Organization Chart
Certificate of Incorporation
Quid Pro Quo Harassment
18. 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
cognitive dissonance
product advertising
relationship marketing
Flat Organizational Structure
19. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing strategy
transaction
Procedure
Quality
20. The process of comparing an organization's products or services and processes with those of another companies
factors that influence pricing decisions
benchmarking
Organizing
place utility
21. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Management Information System (MIS)
Services
psychographics
price elasticity
22. Intermediary who sells products directly to consumers
Leadership
Business Plan
pull strategy
Retailer
23. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
Market economy
specialty advertising
revenues
24. Somethings needed by a community and provided by its government
Supply
Tactical Management
types of financial ratios
Public Goods
25. 12 month accounting period that begins on January 1 and ends on December 31
Retrenchment
reminder advertising
close the books
calendar year
26. Applying a successful brand name to a new product category
brand extension
capital budgeting
Leadership Style
Middle Manager
27. Elimination of rules that restrict business activity
Deregulation
geographics
Marketer
decline stage
28. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
mission statement
Crisis Management
form utility
Purchasing Power Party
29. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
limitations of marketing research
Patent
customer loyalty
30. The creation and sharing of product-related information among customers and potential customers
social commerce
advertising approach
empowerment
Crisis Management
31. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Merger
corporate strategies
Tall Organizational Structure
product life cycle
32. Arises when group members recognize that the leader has special expertise in the area
Limited Liability
test marketing
Labor Union
Expert Influence
33. The company founder is no longer solely responsible for all decision making during the ____.
Business Ethics
Specialty Good/Specialty Service
growth through direction state
merger
34. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
capital investments
auction pricing
Copyright
35. Selling one product at a loss as a way to entice customers to consider other products
Organizational Structure
loss-leader pricing
growth strategies
search advertising
36. Group of small investors who invest money in companies with rapid growth potential
Venture Capital Company
earnings per share
forecasting
Supply Chain (Value Chain)
37. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
permission-based marketing
marketing strategy
integrated marketing communications
social media
38. Ratio between net income after taxes and total owners' equity; also known as return on equity
Oligopoly
social media approach
return on investment
First-Line Manager
39. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
trade promotions
accounts receivable
North American Free Trade Agreement (NAFTA)
growth stage
40. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
maturity stage
Organizing
capital budgeting
SWOT analysis
41. Large-scale production and distribution of a product
Natural monopoly
commercialization
capital budgeting
Real GDP
42. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
variable costs
depreciation
types of financial ratios
Limited Partnership
43. Product made or grown abroad but sold domestically
Import
limitations of marketing research
Position Influence
Extractor
44. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Inflation
Prosperity
Quid Pro Quo Harassment
fixed costs
45. Customer value created by converting raw materials and other inputs into finished goods and services
market
psychographics
form utility
Swot Analysis
46. 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.
Statutory Law
Variance
Short-Term Goal
Outcome-based ethics
47. 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
Information Technology (IT)
vertical analysis
Regulatory (Administrative) Law
Centralized Organization
48. Process of dealing with employees who are represented by a union
Labor Relations
Processing
Flat Organizational Structure
debt-to-equity ratio
49. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Marketer
product advertising
marketing
common pricing strategies
50. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
accounting equation
auction pricing
Manufacturer