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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.
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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. Physical products purchased by consumers for personal use
Consumer Goods
social media approach
empowerment
Safety
2. Legal principal holding owners responsible for paying off all debts of a business
S Corporation
brand loyalty
Unlimited Liability
price
3. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
Processing
institutional advertising
brand loyalty
4. Motivator and hygiene factors need to be met to prevent dissatisfaction
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5. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Collusion
Organizational Chart
budget
product
6. Small software programs that provide part of the functionality of a website
Export
Depression
widgets
product advertising
7. Cost of goods sold = beginning inventory + net purchases - ending inventory
Board of Directors
Swot Analysis
Theory Z
cost of goods sold equation
8. 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
quick ratio
middle management
reminder advertising
product line
9. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
growth strategies
product advertising
Statutory Law
quality control circles
10. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
brand
social commerce
General (Active) Partner
personal sales approach
11. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
accounts payable
calendar year
General Partnership
12. A leadership style where the manager is directive and controlling
Safety
activity ratios
Tactical Management
accrual basis
13. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Inflation
advertising
pull strategy
psychographics
14. This law guards against false advertising.
Wheeler-Lea Act of 1938
general expenses
Industrial Goods
brand loyalty
15. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
activity ratios
penetration pricing
Price Fixing
Chain of Command
16. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
Wheeler-Lea Act of 1938
cost based pricing
Purpose of Strategic Planning
stages in the life cycle of a product
17. A leadership style where managers are less directive and involved employees in decision making
growth strategies
Maslow's hierarchy of needs
Strategic Management
Variance
18. The movement of an economy from one condition to another and back again
online display advertising
ratio analysis
Business Cycle
expenses
19. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Corporation
Quality
Acquisition
fringe benefit
20. Organization's methods for dealing with emergencies
organizational market
penetration pricing
Crisis Management
Unlimited Liability
21. A sustained increase in the general level of prices
gross profit
Herzberg's two-factor theory
Inflation
grand strategies
22. Promotional campaigns that send information only to those people who've specifically asked to receive it
Certificate of Incorporation
Three reasons nations trade
permission marketing
Gross Domestic Product (GDP)
23. Process of dealing with employees who are represented by a union
First-Line Manager
Labor Relations
corporate strategies
stages in the life cycle of a product
24. Market or industry in which there is only one producer that can therefore set the prices on all of its products
telemarketing
Organizational Stakeholders
Monopoly
marketing strategy
25. Small groups in the same work area that have scheduled meetings about problems and how to fix them
fixed costs
quality control circles
Accountability
wants
26. Electronic media that invite participation by the general public
Nepotism
responsibilities of a financial manager
social media
activity ratios
27. Location
Imperfect Competition
news release
Sarbanes-Oxley Act of 2002 (Sarbox)
geographics
28. Larger visual and multimedia ads that appear on websites
online display advertising
equity financing
World Trade Organization (WTO)
opportunity cost
29. Somethings needed by a community and provided by its government
Operations (Production) Management
accounts receivable
Public Goods
primary factors of market segmentation
30. Manager responsible for a firm's overall performance and effectiveness
Top Manager
Monopolistic competition
Decision Making
function of labels
31. A series of related products offered by a firm
Short-Term Goal
Competition
Common Law
product line
32. Identification and marketing of a social issues - cause - or idea to selected target markets
Delegation
Business (or Competitive) Strategy
debit
cause-related marketing
33. Law created by consistitution(s) or by federal - state - or local legislative acts
inside board members
Manufacturer
Statutory Law
possession utility
34. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
place utility
activity ratios
Autocratic Leadership style
negative reinforcement
35. 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
Long-range or strategic planning
Restructuring
bundling
Service Business
36. Bar codes on product packages that provide information read by optical scanners
distribution channels
public relations approach
relationship marketing
Universal Product Codes
37. Amounts that are currently due to a company
organization behavior modification
accounts receivable
contingency plans
current liabilities
38. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
operating expenses
Maslow's hierarchy of needs
Corporation
39. Rewarded for good performance; something the employee likes is praised
Nepotism
positive reinforcement
brand equity
trademarks
40. Selling one product at a loss as a way to entice customers to consider other products
loss-leader pricing
Quality Control
long-term liabilities
productivity - the success of the managers - and the morale of the other employees
41. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
risks of product-line extensions
Nepotism
Business (or Competitive) Strategy
marketing
42. The creation and sharing of product-related information among customers and potential customers
market
social commerce
direct marketing
brand mark
43. 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.
Authority
Chain of Command
Span of Control
financial management
44. Introducing a new product at a low price in hopes of building sales volume quickly
Recession
quality control circles
penetration pricing
middle management
45. Reporting relationships within a company
Chain of Command
direct marketing approach
Goal
brand
46. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
activity ratios
institutional advertising
Restructuring
dynamic pricing
47. A measure of the sensitivity of demand to changes in price
Operations (Production) Management
public relations
inside board members
price elasticity
48. 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
stealth marketing
capital budgeting
marketing research
Supply Chain (Value Chain)
49. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopoly
schematic of marketing process
activity ratios
Monopolistic competition
50. Compensation other than wages and salaries
benchmarking
Service Operations (Service Production)
Three reasons nations trade
Benefits
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