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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. Portion of a brand that cannot be expressed verbally
downsizing
brand mark
liabilities
relationship marketing
2. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
revenues
Decentralized Organization
product line
trade promotions
3. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Processing
Insider Trading
Prime Rate
point-of-purchase display
4. Process through which a manager allocates work to subordinates
ways to expand a product line
Delegation
Goals
retained earnings
5. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
news conference
functional strategies
Planning
skim pricing
6. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Labor Relations
skim pricing
general expenses
Retailer
7. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
positioning
Environmental Analysis
calendar year
return on investment
8. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
inventory turnover ratio
Recession
Manufacturer
World Trade Organization (WTO)
9. Large-scale production and distribution of a product
commercialization
line organization
Reward Influence
time utility
10. Manager responsible for supervising the work of employees
Officers
First-Line Manager
product life cycle
word of mouth
11. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Market economy
Long-range or strategic planning
promotion
Business Ethics
12. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
product mix
Recession
equity financing
Sarbanes-Oxley Act of 2002 (Sarbox)
13. Costs created in the process of generating revenues
database marketing
expenses
function of packaging
First-Line Manager
14. The ability to carry out a task
delegate the task
Wholesaler
Business Plan
authority
15. Direct communication other than personal sales contacts designed to effect a measurable response
utility
direct marketing
return on sales
license
16. Continually adjusting prices to reflect changes in supply and demand
Imperfect Competition
dynamic pricing
Labor Relations
return on investment
17. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
Inflation
function of packaging
customer service
test marketing
18. Group of small investors who invest money in companies with rapid growth potential
Restructuring
cost of goods sold equation
Venture Capital Company
stages of product development
19. Sales volume at a given price that will cover all of a company's costs
break-even point
accounts receivable
Substitute Product
ratio analysis
20. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
trade allowance
license
types of financial ratios
price based pricing
21. Power to make the decisions necessary to complete a task
General (Active) Partner
Authority
sales promotion
discount pricing
22. Communications channels - such as newspapers - radio - and television
Ethics
cost of goods sold
accounting equation
media
23. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
variable costs
ratio analysis
cash basis
Middle Manager
24. Independent and well informed buyers and sellers of the exact same product (farmers markets)
market segmentation
marketable securities
time utility
Pure Competition
25. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
Maslow's hierarchy of needs
product line
place utility
26. Business costs that increase with the number of units produced
target markets
Long-Term Goal
Leadership
variable costs
27. The combined use of tactical and strategic management
debt-to-total-assets ratio
marketing mix
Mixed Management
premiums
28. A business that grows products or takes raw material from nature
Extractor
gross profit
Philosophy
Management
29. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
product mix
introductory stage
personal sales approach
Organizing
30. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
relationship marketing
Divestiture
revenues
advertising approach
31. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
S Corporation
Prosperity
Services
activity ratios
32. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
social commerce
corporate strategies
retained earnings
cash basis
33. Process by which the world is becoming a single interdependent system
Globalization
fixed assets
Publicly Held (or Public) Corporation
variable costs
34. Provides protection for the product - makes products easier to display - and attracts attention
current liabilities
psychographics
news conference
function of packaging
35. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
schematic of marketing process
assets equation
Custom Manufacturing
contingency plans
36. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
test marketing
Inflation
word of mouth
37. Bar codes on product packages that provide information read by optical scanners
assume that all workers are content with their work
persuasive advertising
Universal Product Codes
benchmarking
38. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
fixed costs
owner's equity
Services
39. Goal set for an extended time - typically 5 years or more in the future
trade allowance
Identity Influence
Long-Term Goal
Prosperity
40. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Chain of Command
direct marketing approach
Accountability
Bankruptcy
41. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Procedure
S Corporation
Labor Productivity
owner's equity equation
42. A forecast of financial requirements and the financing sources to be used
financial plan
form utility
positive reinforcement
General Partnership
43. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Long-range or strategic planning
retained earnings
Centralized Organization
license
44. The purchase of one company by another
Acquisition
form utility
equity financing
accounts payable
45. Compensation other than wages and salaries
Service Operations (Service Production)
database marketing
Benefits
co-branding
46. Ratio between net income after taxes and total owners' equity; also known as return on equity
Capitalism
return on investment
cost of goods sold equation
decline stage
47. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
Decision-Making Skills
Short-range or operational planning
responsibilities of a financial manager
limitations of marketing research
48. Use a brand name on a variety of related products
psychographics
return on investment
Hostile Work Environment
family branding
49. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
primary factors of market segmentation
current liabilities
Corporate Strategy
activity ratios
50. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
growth through direction state
Custom Manufacturing
public relations approach