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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. Postsales reductions in price - must be applied for by the purchaser
Prime Rate
management by objectives (MBO)
rebates
product life cycle
2. Senior company managers who serve on the company's board of directors are known as ____.
Natural monopoly
Export
Venture Capital Company
inside board members
3. People are internally motivated
penetration pricing
theory y
Human Resource Management (HRM)
personal sales approach
4. Process of dealing with employees who are represented by a union
Labor Relations
marketing strategy
brand names
Socialism
5. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
geographic segmentation
assets
news release
auction
6. Mix of people in organizations in terms of essential/demographic status
product advertising
Nepotism
Workplace Diversity
accounts receivable turnover ratio
7. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Safety
personal sales approach
marketing strategy
equity financing
8. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Board of Directors
Nepotism
Ethical Behavior
Middle Manager
9. The four key elements of marketing strategy: product - price - distribution - and promotion
Functional Strategy
marketing mix
Corporate Bond
Supply Chain (Value Chain)
10. Alternative plans to be implemented if uncontrollable event occur
advertising approach
Three reasons nations trade
contingency plans
Goals
11. Advertising designed to encourage customers to try new products or to switch brands
Small Business Administration (SBA)
current liabilities
persuasive advertising
marketing concept
12. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Telemarketing
management by objectives (MBO)
Oligopoly
Purpose of Strategic Planning
13. Law created by consistitution(s) or by federal - state - or local legislative acts
cost of goods sold equation
assets
consumer market
Statutory Law
14. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
First-Line Manager
market segmentation
general expenses
social media
15. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
negative reinforcement
Ethical Behavior
Merger
steps in the strategic marketing planning process
16. Charging a high price for a new product during the introductory stage and lowering the price later
Philosophy
First-Line Manager
skim pricing
price
17. 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
Corporate Bond
brand
types of utility
cognitive dissonance
18. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
specialty advertising
coupons
advertising
demographics
19. Method of calculating the minimum volume of sales needed at a given price to cover all costs
Physical Distribution
break-even analysis
Insider Trading
Sexual Harassment
20. Agreement to produce and market another company's product in exchange for a royalty or fee
Corporate Bond
Delegation
license
Socialism
21. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
sales promotion approach
fiscal year
cash basis
Reward Influence
22. Physical products purchased by companies to produce other products
stages in the life cycle of a product
debit
Industrial Goods
product life cycle
23. Business owned and usually operated by one person who is responsible for all its debts
Sole Proprietership
liquidity ratios
Demand
positioning
24. Creating a flatter organization structure normally cutting out middle management
horizontal analysis
Goal
downsizing
Authority
25. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Mission Statement
cost of goods sold equation
Restructuring
Human Resource Management (HRM)
26. 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
news release
Real GDP
objectives
Marketing
27. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Import
contract
mission statement
market segmentation
28. Legal principal holding owners responsible for paying off all debts of a business
decline stage
Crisis Management
promotional strategy
Unlimited Liability
29. Goal set for the very near future
Short-Term Goal
break-even point
Gross Domestic Product (GDP)
promotional strategy
30. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
decline stage
Small Business Administration (SBA)
organization behavior modification
promotion
31. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Reward Influence
Recession
Human Resource Management (HRM)
Policy
32. Obligations that must be next within a year
Joint Venture
current liabilities
growth through direction state
skim pricing
33. The purchase of one company by another
Acquisition
Pure Competition
function of packaging
Corporate Bond
34. Acquiring funds through borrowing
Demand
Telemarketing
price
debt financing
35. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Monopolistic Competition
advertising approach
auction pricing
Outsourcing
36. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
primary factors of market segmentation
Corporate Strategy
point-of-purchase display
market
37. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
quick ratio
positioning
Herzberg's two-factor theory
decline stage
38. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
market share
search advertising
double-entry bookkeeping
brand
39. The movement of an economy from one condition to another and back again
loss-leader pricing
Limited Partnership
target markets
Business Cycle
40. The creation and sharing of product-related information among customers and potential customers
authority
social commerce
empowerment
marketing research
41. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
cash basis
budget
public relations approach
Marketing
42. Beliefs about what is right or wrong and good or bad in actions that affect others
debit
break-even point
fringe benefit
Ethics
43. Making a product available at a convenient time
job rotation
time utility
stealth marketing
contingency plans
44. Power of a good or services to satisfy a human need
capital budgeting
Organization Chart
utility
word of mouth
45. Court-granted permission for a company to not pay some or all debts
utility
activity ratios
Socialism
Bankruptcy
46. Rewarded for good performance; something the employee likes is praised
General (Active) Partner
positive reinforcement
place utility
Oligopoly
47. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
liabilities
Span of Control
Unethical Behavior
48. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
brand loyalty
Recovery
Tall Organizational Structure
cost of goods sold equation
49. The state of being certain that adverse effects will not be caused by some agent under defined conditions
schematic of marketing process
financial plan
Safety
expenses
50. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
product life cycle
Management Information System (MIS)
Corporation
inventory turnover ratio