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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. Something that the employee dislikes is taken away
negative reinforcement
opportunity cost
long-term liabilities
Decision-Making Skills
2. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
owner's equity
Mission Statement
why companies learn about customers so they can stay in touch with their current needs and wants
Authority
3. Brands that have been given legal protection so that their owners have exclusive rights to their use
Exchange Rate
product life cycle
news conference
trademarks
4. Exchange of value between parties
debt-to-equity ratio
transaction
Corporate Strategy
Information Technology (IT)
5. Type of partnership consisting of limited partners and a general (or active) partner
Safety
Theory Z
Limited Partnership
Whistle Blower
6. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Recession
decision-making role
Manufacturer
Audit
7. A firm's portion of the total sales in a market
Natural monopoly
Strategic Management
market share
price based pricing
8. Power of a good or services to satisfy a human need
news conference
Operations (Production) Management
forecasting
utility
9. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
accounts receivable
place marketing
personal sales approach
earnings per share
10. Partnership between two or more companies to closely link their brand names together for a single product
variable costs
Import
calendar year
co-branding
11. A business that grows products or takes raw material from nature
Extractor
grand strategies
Variance
activity ratios
12. The collection and analysis of information for making marketing decisions
Natural monopoly
North American Free Trade Agreement (NAFTA)
bundling
marketing research
13. The willingness and ability of producers to offer a good or service for sale
marketing concept
Supply
Competition
Standard of Living
14. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
generic products
Natural monopoly
need
Demand
15. Cost of goods sold = beginning inventory + net purchases - ending inventory
database marketing
balance sheet
Marketer
cost of goods sold equation
16. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
statement of cash flows
introductory stage
personal sales approach
marketing research
17. Offering a temporary reduction in price
Recovery
Restructuring
Variance
discount pricing
18. 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
function of labels
Planning
Physical Distribution
Chain of Command
19. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
news release
a continuous-flow operating system
Extension
how companies learn about customer
20. Top management team of a corporation
Officers
categories of customer communication
Prosperity
break-even point
21. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
relationship marketing
Market
Manufacturer
22. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
gross profit
activity ratios
Span of Control
Monopoly
23. Advertising intended to remind existing customers of a product's availability and benefits
Democratic Leadership Style
maturity stage
marketing research
reminder advertising
24. A prolonged and deep recession
grand strategies
Depression
risks of product-line extensions
productivity - the success of the managers - and the morale of the other employees
25. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
social commerce
advertising
introductory stage
26. Goal set for the very near future
permission marketing
place utility
liabilities
Short-Term Goal
27. Assets = liabilities + owner's equity
commercialization
assets equation
Goal
license
28. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
Goals
exchange process
Policy
contingency plans
29. 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
transaction
Processing
Consumer Goods
Supply Chain (Value Chain)
30. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Supply Chain (Value Chain)
Limited Liability Corporation (LLC)
growth through direction state
Corporate Bond
31. Roles of shareholders - directors - and other managers in corporate decision making and accountability
a continuous-flow operating system
Corporate Governance
Corporation
Short-range or operational planning
32. Motivator and hygiene factors need to be met to prevent dissatisfaction
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33. Senior company managers who serve on the company's board of directors are known as ____.
inside board members
Nepotism
personal sales approach
vertical analysis
34. Group of small investors who invest money in companies with rapid growth potential
permission marketing
Venture Capital Company
owner's equity equation
SWOT analysis
35. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
Decision-Making Skills
depreciation
Sexual Harassment
Depression
36. Continually adjusting prices to reflect changes in supply and demand
dynamic pricing
Labor Relations
brand
quick ratio
37. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
positive reinforcement
sales promotion approach
functional strategies
Unethical Behavior
38. Loss of brand identity and the cannibalization of sales of other products in the product line
social commerce
demographics
risks of product-line extensions
Depression
39. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
positive reinforcement
Procedure
gross profit
Prime Rate
40. Customer value created by converting raw materials and other inputs into finished goods and services
point-of-purchase display
close the books
form utility
profitability ratios
41. When organizations change raw materials into finished goods
form utility
co-branding
Goals
Corporate Bond
42. Corporation whose stock is held by only a few people and is not available for sale to the general public
Industrial Goods
Recession
Closely Held (or Private) Corporation
return on equity ratio
43. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Consumer Goods
sales promotion approach
Telemarketing
Affirmative Action
44. The creation and sharing of product-related information among customers and potential customers
social commerce
Chain of Command
Regulatory (Administrative) Law
schematic of marketing process
45. Activities needed to move a product efficiently from manufacturer to consumer
demographics
Extractor
Physical Distribution
return on equity ratio
46. Creating a flatter organization structure normally cutting out middle management
primary factors of market segmentation
Sarbanes-Oxley Act of 2002 (Sarbox)
downsizing
social media
47. The amount of money charged for a product or service
widgets
cost of goods sold equation
price
Statutory Law
48. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Policy
relationship marketing
why companies learn about customers so they can stay in touch with their current needs and wants
Outcome-based ethics
49. Assets - liabilities = owner's equity
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50. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
corporate strategies
Divestiture
Whistle Blower
Marketer