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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. Bar codes on product packages that provide information read by optical scanners
Retailer
Universal Product Codes
target markets
commercialization
2. Brand awareness - brand preference - brand insistence
Committee and Team Authority
profitability ratios
levels of brand loyalty
personal sales approach
3. Vying among businesses for the same resources or customers
news release
Business Ethics
accounts receivable
Competition
4. The movement of an economy from one condition to another and back again
Depression
Goods Operations (Goods Production)
Business Cycle
Controlling
5. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
product life cycle
Copyright
long-term liabilities
cost of goods sold equation
6. Creating a flatter organization structure normally cutting out middle management
geographic segmentation
product life cycle
downsizing
decision-making role
7. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
activity ratios
pull strategy
quality control circles
First-Line Manager
8. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
Affirmative Action
Perfect competition
activity ratios
9. All the operating expenses associated with marketing goods or services
market segmentation
selling expenses
World Trade Organization (WTO)
brand mark
10. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
institutional advertising
Supply
debit
11. Business costs that remain constant regardless of the number of units produced
fixed costs
inside board members
Business Cycle
Operations (Production) Management
12. Loss of brand identity and the cannibalization of sales of other products in the product line
Laws
Ethical Behavior
risks of product-line extensions
Quality Control
13. Break-even point = fixed costs/ (selling price - variable costs per unit)
double-entry bookkeeping
why companies learn about customers so they can stay in touch with their current needs and wants
Pure Competition
break-even point equation
14. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Corporate Strategy
schematic of marketing process
assets
Organizational Chart
15. An action is morally correct - when - among the people it affects...
Depression
geographic segmentation
it produces the greatest amount of good for the greatest number
market share
16. Codified rules of behavior enforced by society
middle management
Laws
Outcome-based ethics
fixed assets
17. The creation and sharing of product-related information among customers and potential customers
social commerce
place utility
consumer promotion
promotion
18. Group of small investors who invest money in companies with rapid growth potential
advertising
Venture Capital Company
Joint Venture
Labor Relations
19. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
news conference
demographics
decline stage
20. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
primary factors of market segmentation
Supply Chain (Value Chain)
Price Fixing
Work Specialization
21. Amounts that are currently due to a company
Purchasing Power Party
customer service
accounts receivable
Regulatory (Administrative) Law
22. Objective that a business hopes and plans to achieve
Goal
marketable securities
Quality
statement of cash flows
23. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
World Trade Organization (WTO)
Matrix Structures
schematic of marketing process
S Corporation
24. Use a brand name on a variety of related products
family branding
European Union (EU)
brand names
Monopoly
25. A focus on developing and maintaining long-term relationships with customers - suppliers - and distribution partners for mutual benefit
relationship marketing
positive reinforcement
5 C's
Labor Productivity
26. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Controlling
Strategic Management
Marketer
growth strategies
27. Pricing selling one product at a loss as a way to entice customers to consider other products
Statutory Law
positioning
loss-leader
line organization
28. Planned economic system in which the government owns and operates only selected major sources of production
integrated marketing communications
Small Business Administration (SBA)
Socialism
operating expenses
29. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Multinational (or Transnational) Corporation
specialty advertising
marketing mix
Depression
30. Activities producing tangible products such as radios - newspapers - buses and textbooks
Limited Partner
Management Information System (MIS)
schematic of marketing process
Goods Operations (Goods Production)
31. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
brand equity
accounts receivable turnover ratio
methods of finance for an expanding business
strategic marketing planning
32. The union of two corporations to form a new corporation
social commerce
Merger
push strategy
fixed assets
33. Making a product available at a convenient time
time utility
specialty advertising
Custom Manufacturing
Purpose of Strategic Planning
34. A forecast of financial requirements and the financing sources to be used
Capitalism
financial plan
close the books
time utility
35. Free or bargain-priced items offered to encourage customers to buy a product
Work Specialization
trade allowance
premiums
Environmental Analysis
36. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
Acquisition
accounts receivable
marketing strategy
Nepotism
37. Promotional campaigns that send information only to those people who've specifically asked to receive it
Insider Trading
permission marketing
credit
rebates
38. Provides protection for the product - makes products easier to display - and attracts attention
function of packaging
form utility
General (Active) Partner
Maslow's hierarchy of needs
39. Manager responsible for a firm's overall performance and effectiveness
Corporate Bond
transaction
sales promotion approach
Top Manager
40. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
communication mix
relationship marketing
organizational market
functional strategies
41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
form utility
personal sales approach
debit
earnings per share
42. The way you live as measure by the kinds and quality of goods and services you can afford
Standard of Living
geographic segmentation
accounting equation
liquidity ratios
43. People are lazy
contingency plans
Chief Executive Officer (CEO)
Maslow's hierarchy of needs
theory x
44. Manager responsible for supervising the work of employees
Board of Directors
Private enterprise
First-Line Manager
geographics
45. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
growth through direction state
Convenience Good/Convenience Service
decline stage
social media approach
46. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
depreciation
Mission Statement
Affirmative Action
vertical analysis
47. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Audit
Extension
depreciation
Gross National Product (GNP)
48. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
Franchise
promotion
Accountability
Gross National Product (GNP)
49. Organization in which most decision-making authority is held by upper-level management
owner's equity equation
form utility
Natural monopoly
Centralized Organization
50. Difference of revenues - costs - and profit from the planned amounts.
Tall Organizational Structure
Variance
how companies learn about customer
Planning