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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. Vying among businesses for the same resources or customers
Competition
Labor Union
Substitute Product
relationship marketing
2. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
Deregulation
stages in the life cycle of a product
Acquisition
3. A short - specific written statement of the reason a business exists and what it wants to achieve.
fiscal year
Limited Liability Corporation (LLC)
mission statement
Swot Analysis
4. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
Certificate of Incorporation
current ratio
Business Plan
5. profitability - liquidity - activities - and leverage/debt
market share
Workplace Diversity
debt-to-total-assets ratio
types of financial ratios
6. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
functional strategies
horizontal analysis
S Corporation
Monopoly
7. Method of calculating the minimum volume of sales needed at a given price to cover all costs
corporate strategies
Ethics
break-even analysis
Common Law
8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
accounting equation
Strategy
debt-to-equity ratio
assets
9. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
activity ratios
SWOT analysis
objectives
bundling
10. Larger visual and multimedia ads that appear on websites
Business (or Competitive) Strategy
online display advertising
wants
laissez-faire Leadership style
11. Occurs when two companies form one corporation
SWOT analysis
Purchasing Power Party
form utility
merger
12. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
price based pricing
Imperfect Competition
Organizational Chart
Long-range or strategic planning
13. Management process of guiding and motivating employees to meet an organization's objectives
marketing
Leading
Business Ethics
Statutory Law
14. Partner who actively manages a firm and who has unlimited liability for its debts
Quid Pro Quo Harassment
General (Active) Partner
Multinational (or Transnational) Corporation
net income
15. The act of transferring net revenue and expense account balances to retained earnings for the period
marketing research
Corporate Strategy
close the books
Imperfect Competition
16. Skills in defining problems and selecting the best courses of action
owner's equity equation
Monopoly
categories of customer communication
Decision-Making Skills
17. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
debt-to-total-assets ratio
Purpose of Strategic Planning
working capital
18. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Expert Influence
current assets
Processing
General Partnership
19. Economic system that allows individuals to pursue their own interests without undue governmental restriction
Wheeler-Lea Act of 1938
accounts receivable
Quid Pro Quo Harassment
Private enterprise
20. Act of obtaining a desired object or services from another party by offering something of value in return
Democratic Leadership Style
Ethical Behavior
exchange process
Work Specialization
21. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
why companies learn about customers so they can stay in touch with their current needs and wants
North American Free Trade Agreement (NAFTA)
price
Outcome-based ethics
22. 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
cost of goods sold equation
vertical analysis
accounts receivable
delegate the task
23. Individuals or households that buy goods and services for personal use
Exchange Rate
Board of Directors
consumer market
social media approach
24. Brand awareness - brand preference - brand insistence
Quid Pro Quo Harassment
levels of brand loyalty
authority
integrated marketing communications
25. Brands that have been given legal protection so that their owners have exclusive rights to their use
mission statement
Labor Relations
trademarks
profitability ratios
26. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Affirmative Action
Monopolistic Competition
balance sheet
objectives
27. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
psychographics
Chain of Command
World Trade Organization (WTO)
Audit
28. Process of converting government enterprises into privately owned companies
Business (or Competitive) Strategy
Custom Manufacturing
function of packaging
Privatization
29. The willingness and ability of producers to offer a good or service for sale
Management Information System (MIS)
marketable securities
Supply
Standard of Living
30. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
capital budgeting
market segmentation
Span of Control
31. Brands owned by the manufacturers and distributed nationally
Mixed Management
Patent
national brands
Venture Capital Company
32. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
assume that all workers are content with their work
Prosperity
place marketing
33. The movement of an economy from one condition to another and back again
empowerment
Business Cycle
Long-range or strategic planning
revenues
34. Informal work groups can affect ____.
Delegation
Decision Making
statement of cash flows
productivity - the success of the managers - and the morale of the other employees
35. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
Labor Relations
Patent
Wholesaler
36. Process by which the world is becoming a single interdependent system
loss-leader
Globalization
management by objectives (MBO)
debt ratios
37. 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
consumer market
Decision-Making Skills
Board of Directors
Long-range or strategic planning
38. Online ads that are linked to search engine results or website content
Monopoly
trade promotions
search advertising
Purchasing Power Party
39. The willingness and ability of buyers to purchase a good or service
levels of brand loyalty
long-term liabilities
Work Specialization
Demand
40. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
Organizing
direct mail
Audit
41. Court-granted permission for a company to not pay some or all debts
marketable securities
geographic segmentation
skim pricing
Bankruptcy
42. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
search advertising
delegate the task
cash basis
market segmentation
43. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Matrix Structures
sales promotion
Short-range or operational planning
Monopoly
44. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
elements of a company's marketing mix
Standard of Living
return on equity ratio
45. Assets - liabilities = owner's equity
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46. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Delegation
Three reasons nations trade
Imperfect Competition
Consumer Goods
47. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
accounts receivable
test marketing
Physical Distribution
Goals
48. People are lazy
Socialism
telemarketing
Real GDP
theory x
49. Mechanism for exchange between buyers and sellers of a particular good or service
fixed assets
delegate the task
Market
Swot Analysis
50. In bookkeeping - an increase in assets
Natural monopoly
cash basis
Business Cycle
credit