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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. The way you live as measure by the kinds and quality of goods and services you can afford
pull strategy
Standard of Living
opportunity cost
growth strategies
2. A period during which aggregate output - as measured by GDP - declines
Goal
Recession
gross profit
Monopolistic Competition
3. Market or industry characterized by numerous small firms producing an identical product
Functional Strategy
Work Specialization
Perfect competition
time utility
4. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Public Goods
Manufacturer
Centralized Organization
activity ratios
5. The act of transferring net revenue and expense account balances to retained earnings for the period
customer loyalty
Corporation
close the books
Oligopoly
6. Loss of brand identity and the cannibalization of sales of other products in the product line
accrual basis
market
skim pricing
risks of product-line extensions
7. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Sexual Harassment
Contingent Worker
why companies learn about customers so they can stay in touch with their current needs and wants
8. The level of joblessness among people actively seeking work in an economic system
categories of customer communication
Unemployment
Wheeler-Lea Act of 1938
need
9. Intermediary who sells products directly to consumers
exchange process
Monopoly
form utility
Retailer
10. The movement of an economy from one condition to another and back again
Affirmative Action
Business Cycle
Supply
credit
11. Ratios that measure a firm's reliance on debt financing of its operations
Real GDP
auction pricing
debt ratios
positioning
12. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
how companies learn about customer
calendar year
consumer promotion
Oligopoly
13. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
Planning
function of packaging
Chain of Command
14. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Mixed Management
advertising approach
trademarks
Service Operations (Service Production)
15. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Quality Control
middle management
Ethical Behavior
skim pricing
16. Occurs when widespread price increases occur throughout an economic system
Inflation
certain disabilities and illnesses
Exchange Rate
behavioral segmentation
17. Costs created in the process of generating revenues
Recovery
Short-Term Goal
fiscal year
expenses
18. 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
Leading
factors that influence pricing decisions
widgets
Chief Executive Officer (CEO)
19. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
types of utility
Authority
positioning
promotion
20. Inexpensive good or service purchased and consumed rapidly and regularly
merger
5 C's
Decentralized Organization
Convenience Good/Convenience Service
21. Categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
cognitive dissonance
Procedure
revenues
22. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Labor Productivity
Democratic Leadership Style
price based pricing
23. A business firm that does things for you instead of making or makerting products
Gross National Product (GNP)
Service Business
Socialism
Labor Union
24. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
consumer market
specialty advertising
Out-sourcing
Centralized Organization
25. The creation and sharing of product-related information among customers and potential customers
Stockholder (or Shareholder)
social commerce
activity ratios
generic products
26. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
delegate the task
Management Information System (MIS)
vertical analysis
Ethical Behavior
27. Systems for moving goods and services from producers to customers; also known as marketing channels
Convenience Good/Convenience Service
Crisis Management
authority
distribution channels
28. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Perfect competition
Sarbanes-Oxley Act of 2002 (Sarbox)
Reward Influence
Marketer
29. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
a continuous-flow operating system
cognitive dissonance
responsibilities of a financial manager
fixed costs
30. Break-even point = fixed costs/ (selling price - variable costs per unit)
direct mail
opportunity cost
European Union (EU)
break-even point equation
31. Characteristic of decentralized companies with relatively few layers of management
Flat Organizational Structure
stealth marketing
opportunity cost
Labor Productivity
32. Sales promotion aimed at final consumers
personal sales approach
consumer promotion
credit
Monopoly
33. Product that is dissimilar from those of competitors but than can fulfill the same need
Purchasing Power Party
Substitute Product
Consumer Goods
Wholesaler
34. Advertising intended to remind existing customers of a product's availability and benefits
Exchange Rate
quality control circles
reminder advertising
Planning
35. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
reminder advertising
point-of-purchase display
Crisis Management
Limited Liability
36. Selling one product at a loss as a way to entice customers to consider other products
cause-related marketing
product line
loss-leader pricing
Globalization
37. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Limited Liability
decision-making role
Swot Analysis
elements of a company's marketing mix
38. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Outsourcing
Business Plan
horizontal analysis
contract
39. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
positive reinforcement
commercialization
Universal Product Codes
40. Making decisions without consulting anyone
promotion
Autocratic Leadership style
integrated marketing communications
product mix
41. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
ways to expand a product line
decision-making role
cash basis
Goal
42. Characteristic of centralized companies with multiple layers of management
Leading
Competition
Tall Organizational Structure
market share
43. Process through which a manager allocates work to subordinates
Supply Chain (Value Chain)
Delegation
public relations approach
Decision-Making Skills
44. The ability to carry out a task
consumer market
authority
benchmarking
Decision-Making Skills
45. Using relative information to predict how many jobs will be needed
Convenience Good/Convenience Service
assets
activity ratios
forecasting
46. Personal communication between a seller and one or more potential buyers
Workplace Diversity
personal selling
Corporate Bond
schematic of marketing process
47. Owner of shares of stock in a corporation
Quality Control
Recession
Stockholder (or Shareholder)
Price Fixing
48. Changes the form of material so they can be consumed or used to manufacture other products
search advertising
Processing
demographics
Organization Chart
49. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
types of financial ratios
direct marketing
Information Technology (IT)
50. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
fixed assets
ways to expand a product line
media