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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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Extractor
S Corporation
laissez-faire Leadership style
product mix
2. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
reminder advertising
function of packaging
Organizational Stakeholders
customer service
3. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Franchise
Short-Term Goal
relationship marketing
Manufacturer
4. Systems for moving goods and services from producers to customers; also known as marketing channels
management by objectives (MBO)
Extractor
break-even point
distribution channels
5. Where products are conveniently placed for customers
quick ratio
market segmentation
Position Influence
place utility
6. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
accounts receivable
price
grand strategies
national brands
7. The value that a company has built up in a brand
marketing mix
generic products
brand equity
assume that all workers are content with their work
8. Physical products purchased by companies to produce other products
Strategic Management
Industrial Goods
brand mark
unity of command
9. Authority granted to committees or teams involved in a firm's daily operations
Committee and Team Authority
Limited Liability
Expert Influence
positioning
10. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
marketing
responsibilities of a financial manager
Physical Distribution
elements of a company's marketing mix
11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Out-sourcing
promotion
cause-related marketing
place utility
12. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Limited Partner
public relations
Business Plan
market segmentation
13. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
contingency plans
general expenses
Affirmative Action
Committee and Team Authority
14. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Supply
private brands
Functional Strategy
psychographics
15. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
break-even point
Goals
Three reasons nations trade
marketing concept
16. The way a manager teats and directs employees
Leadership Style
product mix
financial plan
direct marketing
17. One seller of a product - denies people competition and is against the law (They can typically raise prices)
market segmentation
Monopoly
Limited Liability
Flat Organizational Structure
18. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Goals
customer service
Patent
price
19. 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.
Demand
social media
personal selling
Span of Control
20. Cost of goods sold = beginning inventory + net purchases - ending inventory
cost of goods sold equation
marketing
Processing
liquidity ratios
21. 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
product line
news conference
Long-Term Goal
Small Business Administration (SBA)
22. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Price Fixing
growth through direction state
Span of Control
Pure Competition
23. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
test marketing
marketing research
cash basis
Strategic Management
24. Personal communication between a seller and one or more potential buyers
market segmentation
operating expenses
Prosperity
personal selling
25. Activities producing tangible products such as radios - newspapers - buses and textbooks
utility
selling expenses
Organization Chart
Goods Operations (Goods Production)
26. 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
Copyright
it produces the greatest amount of good for the greatest number
SWOT analysis
Recession
27. Something produced by the intellect or mind that has commercial value
Business Cycle
Intellectual Property
activity ratios
World Trade Organization (WTO)
28. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
personal sales approach
schematic of marketing process
close the books
29. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
Standard of Living
Market economy
Privatization
30. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Extractor
place utility
premiums
Collusion
31. Claims against a firm's assets by creditors - such as banks and suppliers
function of packaging
growth through direction state
liabilities
delegate the task
32. The degree to which customers continue to purchase a specific brand
line organization
Outcome-based ethics
organizational market
brand loyalty
33. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
horizontal analysis
Quality
cash basis
Copyright
34. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
market segmentation
Theory Z
management by objectives (MBO)
laissez-faire Leadership style
35. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Supply
Insider Trading
Corporate Governance
time utility
36. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
private brands
cause-related marketing
Perfect competition
customer loyalty
37. The company founder is no longer solely responsible for all decision making during the ____.
Crisis Management
Swot Analysis
inventory turnover ratio
growth through direction state
38. Identification and marketing of a social issues - cause - or idea to selected target markets
Deregulation
cause-related marketing
Public Goods
news conference
39. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Outcome-based ethics
cause-related marketing
quick ratio
Unemployment
40. Making a product available at a convenient time
time utility
Monopoly
Physical Distribution
fringe benefit
41. The four key elements of marketing strategy: product - price - distribution - and promotion
skim pricing
Labor Union
Procedure
marketing mix
42. Obligation employees have to their manager for the successful completion of an assigned task
Custom Manufacturing
Span of Control
Organizational Structure
Accountability
43. Stems from personal trust and respect members have for the leader
Marketer
Identity Influence
Private enterprise
social commerce
44. Certificates that offer discounts on particular items and are redeemed at the time of purchase
earnings per share
push strategy
coupons
price based pricing
45. Strategy whereby a firm sells one or more of its business units
exchange process
Quality Control
Divestiture
responsibilities of a financial manager
46. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
Ethical Behavior
product life cycle
consumer promotion
coupons
47. Process of converting government enterprises into privately owned companies
brand extension
Quality
Privatization
Inflation
48. Stocks - bonds - and other investments that can be turned into cash quickly
quick ratio
Democratic Leadership Style
marketable securities
Limited Partner
49. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
owner's equity equation
Decision Making
Management
Corporation
50. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
Span of Control
direct marketing approach
Statutory Law
liquidity ratios