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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. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
penetration pricing
Monopoly
financial plan
integrated marketing communications
2. A sustained increase in the general level of prices
Inflation
dynamic pricing
promotional strategy
Organization Chart
3. Obligations that must be next within a year
advertising
public relations
current liabilities
Labor Productivity
4. Results from the leader's ability to give or withhold rewards
Reward Influence
distribution channels
Strategic Alliance
national brands
5. A document - generally issued by a state government - giving permission to start a corporation
Purpose of Strategic Planning
Certificate of Incorporation
Perfect competition
Extension
6. Building a specific and unique product to meet the needs of one consumer
Custom Manufacturing
trade allowance
Information Technology (IT)
statement of cash flows
7. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
vertical analysis
consumer market
marketing research
Business (or Competitive) Strategy
8. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Deregulation
Information Technology (IT)
Recession
Manufacturer
9. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
strategic marketing planning
Environmental Analysis
earnings per share
10. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
reminder advertising
Monopoly
product life cycle
Substitute Product
11. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Corporate Bond
bundling
Short-range or operational planning
loss-leader pricing
12. Reporting relationships within a company
Market economy
mission statement
Chain of Command
delegate the task
13. Codified rules of behavior enforced by society
premiums
Laws
accrual basis
Business Ethics
14. Delegating more power to employees
Delegation
Gross Domestic Product (GDP)
empowerment
Patent
15. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Theory Z
Decentralized Organization
steps in the strategic marketing planning process
Contingent Worker
16. Type of partnership consisting of limited partners and a general (or active) partner
Limited Partnership
Wholesaler
laissez-faire Leadership style
test marketing
17. 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
primary factors of market segmentation
fixed assets
geographics
ways to expand a product line
18. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
assets equation
Multinational (or Transnational) Corporation
organizational market
commercialization
19. Motivator and hygiene factors need to be met to prevent dissatisfaction
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20. Loss of brand identity and the cannibalization of sales of other products in the product line
Committee and Team Authority
product mix
customer buying behavior
risks of product-line extensions
21. Ratio between net income after taxes and total owners' equity; also known as return on equity
place utility
return on investment
Accountability
Purpose of Strategic Planning
22. profitability - liquidity - activities - and leverage/debt
Inflation
Environmental Analysis
types of financial ratios
why companies learn about customers so they can stay in touch with their current needs and wants
23. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
telemarketing
function of labels
Strategic Alliance
Quality
24. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
methods of finance for an expanding business
Functional Strategy
marketing research
Corporate Bond
25. Confusion results if a person reports to two people at once - according to ____.
skim pricing
European Union (EU)
assume that all workers are content with their work
unity of command
26. Claims against a firm's assets by creditors - such as banks and suppliers
Position Influence
liabilities
skim pricing
financial control
27. Product that is dissimilar from those of competitors but than can fulfill the same need
Unlimited Liability
Bankruptcy
Substitute Product
psychographics
28. Law made by the authority of administrative agencies
Functional Strategy
Theory Z
Regulatory (Administrative) Law
place utility
29. Statement of a firm's financial position on a particular date; also known as a statement of financial position
balance sheet
social commerce
Manufacturer
Planning
30. Stems from personal trust and respect members have for the leader
Standard of Living
accrual basis
Identity Influence
product advertising
31. In a ____ authority originates at the top and moves downward in a line.
Services
First-Line Manager
place utility
line organization
32. Assets = liabilities + owner's equity
assets equation
wants
co-branding
Top Manager
33. Changing jobs or tasks from time to time
cash basis
Exchange Rate
job rotation
methods of finance for an expanding business
34. Categorization of customers according to their geographical location
break-even point equation
geographic segmentation
Corporation
Mass Production
35. Organization in which most decision-making authority is held by upper-level management
Decision Making
types of utility
Centralized Organization
Supply Chain (Value Chain)
36. Activities needed to move a product efficiently from manufacturer to consumer
cost of goods sold equation
Human Resource Management (HRM)
debt ratios
Physical Distribution
37. The combined use of tactical and strategic management
Mixed Management
Gross Domestic Product (GDP)
Supply
news conference
38. Alternative plans to be implemented if uncontrollable event occur
ways to expand a product line
fixed costs
Environmental Analysis
contingency plans
39. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Publicly Held (or Public) Corporation
quality control circles
marketing
Tall Organizational Structure
40. 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
ratio analysis
factors that influence pricing decisions
Quality
cost of goods sold equation
41. The four key elements of marketing strategy: product - price - distribution - and promotion
promotion
organizational market
Three reasons nations trade
marketing mix
42. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Three reasons nations trade
Venture Capital Company
Market
retained earnings
43. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
social media approach
contract
positioning
Physical Distribution
44. Products characterized by a plain label - with no advertising and no brand name
schematic of marketing process
generic products
national brands
behavioral segmentation
45. Occurs when two companies form one corporation
bundling
Accountability
merger
Leadership Style
46. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Outsourcing
market share
family branding
promotion
47. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Retrenchment
brand
stages of product development
Imperfect Competition
48. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
strategic marketing planning
Marketing
Closely Held (or Private) Corporation
product line
49. Use a brand name on a variety of related products
Top Manager
coupons
owner's equity
family branding
50. When organizations change raw materials into finished goods
Corporate Strategy
stages of product development
form utility
quick ratio