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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. Illegal practice of using special knowledge about a firm for profit or gain
Insider Trading
Marketing
objectives
relationship marketing
2. 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
Retailer
Processing
schematic of marketing process
Affirmative Action
3. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
market share
categories of customer communication
Management
schematic of marketing process
4. Direct communication other than personal sales contacts designed to effect a measurable response
direct marketing
Perfect competition
trade promotions
it produces the greatest amount of good for the greatest number
5. Body of decisions handed down by courts ruling on individual cases
Organizational Structure
calendar year
Common Law
Controlling
6. Skills in defining problems and selecting the best courses of action
Decision-Making Skills
Service Business
media
Merger
7. Partnership between two or more companies to closely link their brand names together for a single product
Maslow's hierarchy of needs
co-branding
public relations
primary factors of market segmentation
8. Identification and marketing of a social issues - cause - or idea to selected target markets
Capitalism
Wheeler-Lea Act of 1938
cause-related marketing
utility
9. Small software programs that provide part of the functionality of a website
Recession
widgets
capital budgeting
Short-range or operational planning
10. Lots of leeway to workers to meet goals
marketing
corporate strategies
laissez-faire Leadership style
cash basis
11. Choosing one alternative from among several options
Out-sourcing
Recovery
Stockholder (or Shareholder)
Decision Making
12. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
growth strategies
Strategy
Price Fixing
Monopolistic competition
13. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Processing
market
cash basis
elements of a company's marketing mix
14. The act of transferring net revenue and expense account balances to retained earnings for the period
working capital
Globalization
close the books
news release
15. Systems for moving goods and services from producers to customers; also known as marketing channels
Small Business Administration (SBA)
authority
Natural monopoly
distribution channels
16. Top management team of a corporation
Officers
operating expenses
profitability ratios
sales promotion
17. The willingness and ability of producers to offer a good or service for sale
Wholesaler
widgets
Supply
dynamic pricing
18. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
levels of brand loyalty
Statutory Law
downsizing
decline stage
19. In a ____ authority originates at the top and moves downward in a line.
financial control
brand extension
brand managers
line organization
20. Goal set for an extended time - typically 5 years or more in the future
fixed assets
Strategic Management
Matrix Structures
Long-Term Goal
21. Goal set for the very near future
Insider Trading
Organizational Stakeholders
Short-Term Goal
Whistle Blower
22. Organization's methods for dealing with emergencies
Crisis Management
Recession
financial management
fixed assets
23. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
online display advertising
Laws
Prime Rate
24. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Audit
Imperfect Competition
Pure Competition
customer buying behavior
25. Organization in which most decision-making authority is held by upper-level management
Organizational Stakeholders
Philosophy
Centralized Organization
Reward Influence
26. Break-even point = fixed costs/ (selling price - variable costs per unit)
Human Resource Management (HRM)
Authority
break-even point equation
Quality
27. This law guards against false advertising.
types of financial ratios
how companies learn about customer
Wheeler-Lea Act of 1938
form utility
28. Free or bargain-priced items offered to encourage customers to buy a product
opportunity cost
Gross Domestic Product (GDP)
premiums
news conference
29. Organization for economic - social - and security cooperation among European nations
Unemployment
Environmental Analysis
European Union (EU)
quality control circles
30. Measures income earned on owners' investment - formula: Net income/total owners' equity
form utility
Organizational Chart
return on equity ratio
negative reinforcement
31. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Limited Partnership
Corporate Strategy
General Partnership
fixed assets
32. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
private brands
Monopoly
contract
33. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
trade promotions
place utility
Organizational Structure
earnings per share
34. Small groups in the same work area that have scheduled meetings about problems and how to fix them
double-entry bookkeeping
vertical analysis
quality control circles
Small Business Administration (SBA)
35. Business costs that remain constant regardless of the number of units produced
working capital
Privatization
Centralized Organization
fixed costs
36. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
institutional advertising
Long-range or strategic planning
Decision-Making Skills
trade promotions
37. The willingness and ability of buyers to purchase a good or service
Officers
Demand
Pure Competition
middle management
38. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Benefits
owner's equity equation
Quid Pro Quo Harassment
Sarbanes-Oxley Act of 2002 (Sarbox)
39. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
maturity stage
return on equity ratio
word of mouth
40. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
Depression
debt-to-total-assets ratio
penetration pricing
European Union (EU)
41. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Strategic Management
net income
Market
gross profit
42. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
balance sheet
Human Resource Management (HRM)
ways to expand a product line
Organizational Stakeholders
43. 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
Intellectual Property
institutional advertising
reminder advertising
44. Law created by consistitution(s) or by federal - state - or local legislative acts
personal selling
personal sales approach
co-branding
Statutory Law
45. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accrual basis
function of packaging
Functional Strategy
fixed assets
46. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Whistle Blower
market segmentation
accounts receivable
media
47. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
news release
Corporate Strategy
grand strategies
Socialism
48. The way a manager teats and directs employees
financial plan
Leadership Style
schematic of marketing process
Divestiture
49. The degree to which customers continue to purchase a specific brand
brand loyalty
penetration pricing
Organizational Stakeholders
Business Cycle
50. Cost of goods sold = beginning inventory + net purchases - ending inventory
quick ratio
Marketing
Marketer
cost of goods sold equation