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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Bar codes on product packages that provide information read by optical scanners
Universal Product Codes
General Partnership
fiscal year
discount pricing
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
types of financial ratios
grand strategies
geographic segmentation
Limited Liability Corporation (LLC)
3. Reporting relationships within a company
brand extension
Chain of Command
customer loyalty
Service Operations (Service Production)
4. The amount of money charged for a product or service
auction pricing
merger
price
distribution channels
5. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
mission statement
marketing strategy
common pricing strategies
Accountability
6. Skills in defining problems and selecting the best courses of action
social media
Franchise
Decision-Making Skills
news conference
7. Direct communication other than personal sales contacts designed to effect a measurable response
Ethics
direct marketing
test marketing
Purchasing Power Party
8. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
activity ratios
news release
Controlling
9. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
mission statement
earnings per share
Statutory Law
10. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Closely Held (or Private) Corporation
Convenience Good/Convenience Service
Philosophy
why companies learn about customers so they can stay in touch with their current needs and wants
11. Ratios that measure the effectiveness of the firm's use of its resources
activity ratios
Substitute Product
Goods Operations (Goods Production)
Certificate of Incorporation
12. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
First-Line Manager
Service Business
marketing concept
Tactical Management
13. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
Environmental Analysis
current ratio
certain disabilities and illnesses
positioning
14. All the operating expenses associated with marketing goods or services
trade promotions
social media
place utility
selling expenses
15. The value that a company has built up in a brand
trade promotions
Corporation
media
brand equity
16. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
SWOT analysis
Joint Venture
European Union (EU)
Long-range or strategic planning
17. Compensation other than wages and salaries
Work Specialization
Benefits
Gross National Product (GNP)
Democratic Leadership Style
18. Top manager who is responsible for the overall performance of a corporation
ways to expand a product line
North American Free Trade Agreement (NAFTA)
direct marketing approach
Chief Executive Officer (CEO)
19. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
Expert Influence
growth through direction state
Tall Organizational Structure
20. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
variable costs
Physical Distribution
strategic marketing planning
fringe benefit
21. Changing jobs or tasks from time to time
Leadership
job rotation
Monopoly
Operations (Production) Management
22. In a ____ authority originates at the top and moves downward in a line.
Wheeler-Lea Act of 1938
line organization
marketing strategy
vertical analysis
23. Informal work groups can affect ____.
selling expenses
Purpose of Strategic Planning
productivity - the success of the managers - and the morale of the other employees
Goals
24. Rewarded for good performance; something the employee likes is praised
Prime Rate
positive reinforcement
Policy
communication mix
25. Individuals or households that buy goods and services for personal use
cognitive dissonance
consumer market
Functional Strategy
Decision-Making Skills
26. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
North American Free Trade Agreement (NAFTA)
Board of Directors
Limited Partner
Short-range or operational planning
27. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Organizational Chart
Prime Rate
balance sheet
ratio analysis
28. A group of customer who need or want a particular product and have the money to buy it
market
Prosperity
financial control
general expenses
29. A series of related products offered by a firm
assets equation
Publicly Held (or Public) Corporation
product line
Copyright
30. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
organizational market
empowerment
why companies learn about customers so they can stay in touch with their current needs and wants
Recovery
31. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
Affirmative Action
direct marketing approach
Hostile Work Environment
32. Process of converting government enterprises into privately owned companies
Privatization
Workplace Diversity
Short-Term Goal
gross profit
33. Continually adjusting prices to reflect changes in supply and demand
Business (or Competitive) Strategy
dynamic pricing
Labor Relations
accounts payable
34. 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
SWOT analysis
Board of Directors
stealth marketing
break-even analysis
35. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Limited Partner
management by objectives (MBO)
functional strategies
form utility
36. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Out-sourcing
Herzberg's two-factor theory
laissez-faire Leadership style
price based pricing
37. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Monopolistic Competition
promotion
earnings per share
national brands
38. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
personal selling
trade promotions
current ratio
Price Fixing
39. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
activity ratios
Corporate Strategy
reminder advertising
Standard of Living
40. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Wholesaler
Work Specialization
Industrial Goods
Statutory Law
41. Selling one product at a loss as a way to entice customers to consider other products
cause-related marketing
public relations
customer buying behavior
loss-leader pricing
42. 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
Workplace Diversity
activity ratios
Small Business Administration (SBA)
Decision-Making Skills
43. Form - time - place - possession
current liabilities
types of utility
search advertising
Authority
44. Portion of a brand that can be expressed orally - including letters - words - or numbers
Safety
methods of finance for an expanding business
license
brand names
45. Process of dealing with employees who are represented by a union
brand equity
Recession
Labor Relations
Public Goods
46. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
trade allowance
fixed costs
Standard of Living
Prosperity
47. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Physical Distribution
Decentralized Organization
Corporate Bond
Officers
48. The state of being certain that adverse effects will not be caused by some agent under defined conditions
psychographics
categories of customer communication
Safety
vertical analysis
49. 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
Service Business
auction
return on equity ratio
Labor Union
50. Motivator and hygiene factors need to be met to prevent dissatisfaction
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