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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. Business owned and usually operated by one person who is responsible for all its debts
unity of command
Wheeler-Lea Act of 1938
inside board members
Sole Proprietership
2. Where products are conveniently placed for customers
Depression
psychographics
product life cycle
place utility
3. Reporting relationships within a company
return on sales
Standard of living
quality control circles
Chain of Command
4. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
Manufacturer
possession utility
negative reinforcement
5. 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
steps in the strategic marketing planning process
Corporation
direct marketing
customer service
6. Larger visual and multimedia ads that appear on websites
certain disabilities and illnesses
skim pricing
forecasting
online display advertising
7. Informal work groups can affect ____.
persuasive advertising
decision-making role
current ratio
productivity - the success of the managers - and the morale of the other employees
8. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
owner's equity
price based pricing
relationship marketing
function of packaging
9. Nonsales communication that businesses have with their various audiences
Marketer
public relations
schematic of marketing process
liquidity ratios
10. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
Policy
net income
direct marketing approach
11. Inexpensive good or service purchased and consumed rapidly and regularly
consumer promotion
Outsourcing
Convenience Good/Convenience Service
Sexual Harassment
12. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
Patent
Universal Product Codes
communication mix
13. Something that the employee dislikes is taken away
negative reinforcement
place utility
Democratic Leadership Style
Custom Manufacturing
14. Market or industry characterized by numerous small firms producing an identical product
pull strategy
Perfect competition
brand
SWOT analysis
15. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Collusion
Autocratic Leadership style
common pricing strategies
ratio analysis
16. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
wants
Three reasons nations trade
demographics
social commerce
17. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Policy
positioning
Deregulation
Work Specialization
18. 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
mission statement
activity ratios
marketing research
19. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
laissez-faire Leadership style
Work Specialization
permission marketing
Mass Production
20. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
assets
promotion
Sarbanes-Oxley Act of 2002 (Sarbox)
Acquisition
21. Ratio between net income after taxes and total owners' equity; also known as return on equity
Theory Z
depreciation
capital investments
return on investment
22. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
private brands
accounts receivable turnover ratio
Monopolistic Competition
financial control
23. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Herzberg's two-factor theory
place utility
market segmentation
demographics
24. Manager responsible for supervising the work of employees
Decentralized Organization
Limited Liability Corporation (LLC)
accounts receivable turnover ratio
First-Line Manager
25. A period during which aggregate output - as measured by GDP - declines
commercialization
Standard of Living
Recession
Purpose of Strategic Planning
26. Strategic alliance in which the collaboration involves joint ownership of the new venture
wants
growth strategies
Joint Venture
categories of customer communication
27. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
World Trade Organization (WTO)
General (Active) Partner
earnings per share
28. A prolonged and deep recession
Depression
price based pricing
why companies learn about customers so they can stay in touch with their current needs and wants
Market economy
29. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
permission marketing
Prime Rate
Outsourcing
retained earnings
30. An action is morally correct - when - among the people it affects...
demographics
Flat Organizational Structure
it produces the greatest amount of good for the greatest number
reminder advertising
31. This law guards against false advertising.
Wheeler-Lea Act of 1938
break-even point equation
negative reinforcement
decision-making role
32. All costs of operation that are not included under cost of goods sold
Labor Union
auction pricing
operating expenses
elements of a company's marketing mix
33. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
Gross Domestic Product (GDP)
organizational market
General (Active) Partner
34. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Exchange Rate
owner's equity
capital investments
certain disabilities and illnesses
35. The way you live as measure by the kinds and quality of goods and services you can afford
it produces the greatest amount of good for the greatest number
media
depreciation
Standard of Living
36. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Imperfect Competition
product mix
Limited Liability Corporation (LLC)
geographic segmentation
37. 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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38. The quantity of a good that an average worker can produce in an hour
Labor Productivity
Functional Strategy
brand extension
possession utility
39. Exchange of value between parties
Marketing
transaction
geographics
steps in the strategic marketing planning process
40. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
geographics
decision-making role
Long-Term Goal
marketing mix
41. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
generic products
fringe benefit
Accountability
42. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
Limited Liability Corporation (LLC)
Unethical Behavior
advertising approach
43. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
line organization
stealth marketing
positive reinforcement
operating expenses
44. 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.
Labor Relations
Outcome-based ethics
fixed costs
Common Law
45. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
debit
Import
inventory turnover ratio
accrual basis
46. Brand awareness - brand preference - brand insistence
Top Manager
quality control circles
5 C's
levels of brand loyalty
47. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Restructuring
push strategy
Autocratic Leadership style
Marketing
48. The movement of an economy from one condition to another and back again
Philosophy
Business Cycle
Tactical Management
organizational market
49. Form - time - place - possession
SWOT analysis
need
authority
types of utility
50. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
private brands
brand mark
management by objectives (MBO)
advertising approach