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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. Organization in which most decision-making authority is held by upper-level management
growth through direction state
Centralized Organization
Committee and Team Authority
Quid Pro Quo Harassment
2. Sales promotion aimed at final consumers
consumer promotion
direct marketing
steps in the strategic marketing planning process
Industrial Goods
3. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Merger
place marketing
Telemarketing
market segmentation
4. Portion of a brand that can be expressed orally - including letters - words - or numbers
communication mix
Acquisition
brand names
delegate the task
5. Demographics - psychographics - and geographics
Price Fixing
Processing
Collusion
primary factors of market segmentation
6. 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
Exchange Rate
institutional advertising
Long-range or strategic planning
profitability ratios
7. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Imperfect Competition
Human Resource Management (HRM)
line organization
Unlimited Liability
8. Body of decisions handed down by courts ruling on individual cases
public relations
positioning
Common Law
downsizing
9. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
First-Line Manager
objectives
Goods Operations (Goods Production)
Pure Competition
10. A prolonged and deep recession
Corporate Governance
Depression
Mixed Management
Decentralized Organization
11. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Multinational (or Transnational) Corporation
positioning
Closely Held (or Private) Corporation
general expenses
12. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
auction
Mission Statement
Globalization
Stockholder (or Shareholder)
13. A series of related products offered by a firm
Exchange Rate
product line
brand names
stages of product development
14. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Export
Reward Influence
double-entry bookkeeping
advertising approach
15. People are lazy
grand strategies
Real GDP
theory x
family branding
16. Formal agreement to set prices. Sometimes illegal - but is typically secretive
Collusion
Natural monopoly
behavioral segmentation
Manufacturer
17. Planned economic system in which the government owns and operates only selected major sources of production
Decentralized Organization
Out-sourcing
Socialism
Globalization
18. Skills in defining problems and selecting the best courses of action
Span of Control
accounts receivable turnover ratio
Gross Domestic Product (GDP)
Decision-Making Skills
19. Selling or supporting the sales process over the telephone
Top Manager
Policy
trademarks
telemarketing
20. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Safety
push strategy
Quality Control
Service Operations (Service Production)
21. Customer value added by making a product available in a convenient location
place utility
cognitive dissonance
Retrenchment
job rotation
22. The union of two corporations to form a new corporation
place utility
Universal Product Codes
Merger
productivity - the success of the managers - and the morale of the other employees
23. Bar codes on product packages that provide information read by optical scanners
Privatization
Universal Product Codes
Work Specialization
Copyright
24. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Business Plan
Audit
factors that influence pricing decisions
debt-to-total-assets ratio
25. Partner who actively manages a firm and who has unlimited liability for its debts
Swot Analysis
General (Active) Partner
growth through direction state
Leading
26. Customer value created by converting raw materials and other inputs into finished goods and services
trademarks
form utility
Limited Liability Corporation (LLC)
Purpose of Strategic Planning
27. Industry in which one company can most efficiently supply all needed goods or services
Committee and Team Authority
retained earnings
discount pricing
Natural monopoly
28. The ability to carry out a task
Real GDP
authority
communication mix
marketing mix
29. Sales volume at a given price that will cover all of a company's costs
auction pricing
Public Goods
break-even point
reminder advertising
30. Specific customer groups or segments to whom a company wants to sell a particular product
Certificate of Incorporation
target markets
ratio analysis
generic products
31. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
price based pricing
credit
Marketer
Autocratic Leadership style
32. Product made or grown abroad but sold domestically
product mix
Import
Labor Union
coupons
33. Small groups in the same work area that have scheduled meetings about problems and how to fix them
quality control circles
fiscal year
Authority
promotion
34. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Stockholder (or Shareholder)
Demand
Management
Acquisition
35. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
national brands
primary factors of market segmentation
Strategic Management
36. A business firm that does things for you instead of making or makerting products
Committee and Team Authority
stages in the life cycle of a product
Service Business
Short-Term Goal
37. External statistical descriptors such as age - income - gender - and profession
laissez-faire Leadership style
sales promotion approach
database marketing
demographics
38. 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
vertical analysis
quick ratio
mission statement
marketing strategy
39. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
owner's equity
possession utility
corporate strategies
merger
40. People are internally motivated
theory y
Standard of living
Industrial Goods
Recession
41. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Price Fixing
Corporate Strategy
Environmental Analysis
42. 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
line organization
current ratio
Monopolistic Competition
current liabilities
43. Results from the leader's ability to give or withhold rewards
wants
methods of finance for an expanding business
financial control
Reward Influence
44. 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.
Unemployment
marketing
Span of Control
Globalization
45. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Regulatory (Administrative) Law
levels of brand loyalty
generic products
common pricing strategies
46. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
authority
Contingent Worker
geodemographics
growth strategies
47. Economic system that allows individuals to pursue their own interests without undue governmental restriction
current ratio
objectives
Private enterprise
license
48. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Out-sourcing
database marketing
fixed assets
wants
49. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
decline stage
why companies learn about customers so they can stay in touch with their current needs and wants
elements of a company's marketing mix
Span of Control
50. Diagram depicting a company's structure and showing employees where they fit into its operations
national brands
Organization Chart
Monopolistic competition
cost based pricing