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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. Top manager who is responsible for the overall performance of a corporation
Physical Distribution
Work Specialization
Chief Executive Officer (CEO)
family branding
2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Demand
budget
owner's equity
steps in the strategic marketing planning process
3. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
capital investments
coupons
Extension
gross profit
4. Economic system that allows individuals to pursue their own interests without undue governmental restriction
Private enterprise
Long-range or strategic planning
premiums
distribution channels
5. Any 12 consecutive months used as an accounting period
Private enterprise
current assets
fiscal year
Hostile Work Environment
6. An increase in liabilities
Laws
Processing
horizontal analysis
debit
7. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Labor Relations
Decision Making
earnings per share
direct marketing approach
8. Compensation other than wages and salaries
general expenses
Benefits
growth strategies
permission marketing
9. Confusion results if a person reports to two people at once - according to ____.
unity of command
Committee and Team Authority
exchange process
coupons
10. The act of transferring net revenue and expense account balances to retained earnings for the period
distribution channels
accrual basis
close the books
Business Plan
11. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Bankruptcy
Leadership
Inflation
cash basis
12. Economy in which individuals control production and allocation decisions through supply and demand
function of packaging
financial control
Market economy
news release
13. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
horizontal analysis
cognitive dissonance
time utility
Gross National Product (GNP)
14. A large number of identical products are assembled using a continuous - efficient procedure
Mass Production
mission statement
cause-related marketing
line organization
15. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Physical Distribution
organizational market
Herzberg's two-factor theory
stealth marketing
16. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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17. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Reward Influence
Business Plan
budget
Unlimited Liability
18. Creating a flatter organization structure normally cutting out middle management
downsizing
assets equation
authority
test marketing
19. A short - specific written statement of the reason a business exists and what it wants to achieve.
license
market
mission statement
Maslow's hierarchy of needs
20. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Laws
price
Recovery
organizational market
21. Introducing a new product at a low price in hopes of building sales volume quickly
relationship marketing
debt-to-total-assets ratio
a continuous-flow operating system
penetration pricing
22. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
bundling
Organizational Chart
marketable securities
decision-making role
23. Activities producing intangible and tangible products - such as entertainment - transportation - and education
loss-leader
direct marketing
Inflation
Service Operations (Service Production)
24. Vying among businesses for the same resources or customers
personal sales approach
Competition
Manufacturer
Imperfect Competition
25. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Audit
Real GDP
growth stage
social media approach
26. Physical products purchased by consumers for personal use
Consumer Goods
Planning
Substitute Product
Committee and Team Authority
27. Management process of guiding and motivating employees to meet an organization's objectives
Mass Production
Leading
Inflation
General Partnership
28. Body of decisions handed down by courts ruling on individual cases
Environmental Analysis
decision-making role
Common Law
assets equation
29. In a ____ authority originates at the top and moves downward in a line.
certain disabilities and illnesses
current liabilities
trademarks
line organization
30. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Small Business Administration (SBA)
direct marketing
loss-leader pricing
transaction
31. Skills in defining problems and selecting the best courses of action
Decision-Making Skills
Board of Directors
Goods Operations (Goods Production)
Workplace Diversity
32. Business costs that increase with the number of units produced
Divestiture
variable costs
Collusion
coupons
33. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
revenues
brand mark
factors that influence pricing decisions
geographic segmentation
34. Product made or grown domestically but sold abroad
Export
vertical analysis
word of mouth
job rotation
35. One seller of a product - denies people competition and is against the law (They can typically raise prices)
revenues
Multinational (or Transnational) Corporation
Monopoly
behavioral segmentation
36. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Limited Partner
job rotation
current assets
horizontal analysis
37. The company founder is no longer solely responsible for all decision making during the ____.
telemarketing
Demand
Substitute Product
growth through direction state
38. Electronic media that invite participation by the general public
consumer market
social media
Human Resource Management (HRM)
debt financing
39. Continually adjusting prices to reflect changes in supply and demand
elements of a company's marketing mix
authority
World Trade Organization (WTO)
dynamic pricing
40. An extra amount of time granted to a party to make a payment
Extension
Business Ethics
balance sheet
Work Specialization
41. Management process of determining what an organization needs to do and how best to get it done
Planning
time utility
Laws
Goals
42. A prolonged and deep recession
decline stage
cause-related marketing
Consumer Goods
Depression
43. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Recession
brand names
widgets
market segmentation
44. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
news release
maturity stage
telemarketing
Outcome-based ethics
45. Transferring work to another country
Controlling
online display advertising
commercialization
Out-sourcing
46. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
North American Free Trade Agreement (NAFTA)
grand strategies
Ethical Behavior
47. Activities producing tangible products such as radios - newspapers - buses and textbooks
Chain of Command
Goods Operations (Goods Production)
Reward Influence
productivity - the success of the managers - and the morale of the other employees
48. Selling one product at a loss as a way to entice customers to consider other products
loss-leader pricing
Multinational (or Transnational) Corporation
brand managers
function of packaging
49. Where products are conveniently placed for customers
Nepotism
place utility
North American Free Trade Agreement (NAFTA)
auction
50. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
Monopolistic Competition
unity of command
owner's equity