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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. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Limited Liability
Organizational Structure
why companies learn about customers so they can stay in touch with their current needs and wants
product line
2. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
assume that all workers are content with their work
price
auction pricing
organizational market
3. Expensive - rarely purchased good or service
stages of product development
brand names
Patent
Specialty Good/Specialty Service
4. Measures income earned on owners' investment - formula: Net income/total owners' equity
Tactical Management
return on equity ratio
vertical analysis
earnings per share
5. Assets = liabilities + owner's equity
public relations
steps in the strategic marketing planning process
accounting equation
Matrix Structures
6. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
advertising approach
behavioral segmentation
factors that influence pricing decisions
communication mix
7. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
place marketing
personal sales approach
Acquisition
growth through direction state
8. Process of dealing with employees who are represented by a union
integrated marketing communications
Labor Relations
Limited Partnership
productivity - the success of the managers - and the morale of the other employees
9. Obligation employees have to their manager for the successful completion of an assigned task
primary factors of market segmentation
Accountability
Retailer
depreciation
10. Acquiring funds through borrowing
Intellectual Property
sales promotion
debt financing
Authority
11. ____ 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
Controlling
Goals
product
functional strategies
12. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
decision-making role
Globalization
Recession
utility
13. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
Swot Analysis
liquidity ratios
price based pricing
Labor Union
14. Individuals or households that buy goods and services for personal use
Procedure
consumer market
news conference
growth stage
15. Power to make the decisions necessary to complete a task
Authority
Decision-Making Skills
penetration pricing
unity of command
16. A sustained increase in the general level of prices
Inflation
product advertising
expenses
marketable securities
17. An extra amount of time granted to a party to make a payment
Depression
Extension
Patent
Top Manager
18. Portion of a brand that cannot be expressed verbally
brand mark
financial control
brand managers
Quality
19. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Substitute Product
variable costs
media
Telemarketing
20. Group of small investors who invest money in companies with rapid growth potential
types of utility
Venture Capital Company
social commerce
reminder advertising
21. Something produced by the intellect or mind that has commercial value
cost of goods sold
Intellectual Property
search advertising
widgets
22. Economy in which individuals control production and allocation decisions through supply and demand
skim pricing
Market economy
Labor Union
news conference
23. Promotional campaigns that send information only to those people who've specifically asked to receive it
net income
Joint Venture
permission marketing
job rotation
24. Intermediary who sells products directly to consumers
Contingent Worker
Retailer
Benefits
permission marketing
25. Complete list of all products that a company offers for sale
Acquisition
product mix
national brands
public relations approach
26. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Short-range or operational planning
activity ratios
close the books
Leadership
27. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
behavioral segmentation
close the books
Work Specialization
grand strategies
28. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Mixed Management
debit
advertising
Organizing
29. Identification and marketing of a social issues - cause - or idea to selected target markets
Limited Liability
cause-related marketing
ways to expand a product line
Decentralized Organization
30. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
penetration pricing
owner's equity
Span of Control
brand
31. Effective acquisition and use of money
Joint Venture
Corporation
financial management
methods of finance for an expanding business
32. Activities needed to move a product efficiently from manufacturer to consumer
Physical Distribution
commercialization
Crisis Management
Import
33. Informal communication between customers and potential customers
Monopolistic competition
time utility
Regulatory (Administrative) Law
word of mouth
34. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Accountability
Manufacturer
certain disabilities and illnesses
common pricing strategies
35. Managers who develop and implement a complete strategy and marketing program for specific products or brands
market share
auction
brand managers
dynamic pricing
36. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
bundling
Strategic Alliance
auction
earnings per share
37. Positive reinforcement - negative reinforcement - punishment
Prime Rate
organization behavior modification
Privatization
stealth marketing
38. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
fiscal year
Philosophy
Laws
accounts receivable turnover ratio
39. 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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40. 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
vertical analysis
discount pricing
schematic of marketing process
telemarketing
41. Selling one product at a loss as a way to entice customers to consider other products
Consumer Goods
loss-leader pricing
Labor Relations
family branding
42. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Benefits
Ethical Behavior
fixed assets
organization behavior modification
43. Ratios that measure a firm's reliance on debt financing of its operations
debt ratios
cost of goods sold equation
Services
Maslow's hierarchy of needs
44. Loss of brand identity and the cannibalization of sales of other products in the product line
maturity stage
risks of product-line extensions
fixed costs
news conference
45. Customer value created when someone takes ownership of a product
possession utility
Universal Product Codes
brand equity
Controlling
46. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
Limited Liability
maturity stage
capital budgeting
47. Economic system that allows individuals to pursue their own interests without undue governmental restriction
primary factors of market segmentation
Demand
Private enterprise
social media approach
48. Using relative information to predict how many jobs will be needed
forecasting
Capitalism
brand extension
Laws
49. Rewarded for good performance; something the employee likes is praised
brand extension
Standard of Living
positive reinforcement
product line
50. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
Organizational Structure
responsibility
middle management
revenues