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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. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
forecasting
European Union (EU)
Corporation
liabilities
2. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Goals
Socialism
gross profit
customer service
3. Assets = liabilities + owner's equity
Publicly Held (or Public) Corporation
assets equation
working capital
Management Information System (MIS)
4. Results from the leader's ability to give or withhold rewards
Reward Influence
product life cycle
Private enterprise
social media
5. Selling one product at a loss as a way to entice customers to consider other products
consumer market
Insider Trading
credit
loss-leader pricing
6. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Corporate Governance
Standard of living
trade promotions
7. Changes the form of material so they can be consumed or used to manufacture other products
World Trade Organization (WTO)
Processing
benchmarking
how companies learn about customer
8. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
General (Active) Partner
Perfect competition
online display advertising
9. Product made or grown domestically but sold abroad
place utility
owner's equity equation
Export
long-term liabilities
10. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
personal selling
Monopolistic competition
product line
decline stage
11. Ethical or unethical behaviors by employees in the context of their jobs
Business Ethics
Centralized Organization
fringe benefit
stages in the life cycle of a product
12. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
Maslow's hierarchy of needs
fringe benefit
Limited Partner
ratio analysis
13. Cash and items that can be turned into cash within one year
assets
Consumer Goods
marketing
current assets
14. Bar codes on product packages that provide information read by optical scanners
brand
Universal Product Codes
persuasive advertising
Pure Competition
15. A short - specific written statement of the reason a business exists and what it wants to achieve.
Strategy
mission statement
double-entry bookkeeping
Copyright
16. The amount of money charged for a product or service
vertical analysis
Recession
Sarbanes-Oxley Act of 2002 (Sarbox)
price
17. Loss of brand identity and the cannibalization of sales of other products in the product line
Demand
Outcome-based ethics
risks of product-line extensions
Venture Capital Company
18. Introductory stage - growth stage - maturity stage - decline stage
Tall Organizational Structure
cognitive dissonance
stages in the life cycle of a product
Market
19. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Consumer Goods
target markets
Goal
20. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Human Resource Management (HRM)
public relations approach
Public Goods
Publicly Held (or Public) Corporation
21. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
Work Specialization
World Trade Organization (WTO)
Strategy
22. The collection and analysis of information for making marketing decisions
Controlling
marketing research
place utility
return on sales
23. Applying a successful brand name to a new product category
maturity stage
brand extension
possession utility
loss-leader
24. Power of a good or services to satisfy a human need
utility
coupons
grand strategies
brand names
25. Brands owned by the manufacturers and distributed nationally
national brands
institutional advertising
Depression
product life cycle
26. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
Copyright
test marketing
Contingent Worker
27. Difference of revenues - costs - and profit from the planned amounts.
Variance
Leadership Style
direct marketing
Export
28. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Organizational Chart
Information Technology (IT)
Chain of Command
direct marketing
29. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
marketing research
Tactical Management
commercialization
double-entry bookkeeping
30. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Organizational Stakeholders
stealth marketing
Officers
31. Business costs that increase with the number of units produced
public relations approach
Industrial Goods
variable costs
depreciation
32. Top manager who is responsible for the overall performance of a corporation
Autocratic Leadership style
Quality Control
corporate strategies
Chief Executive Officer (CEO)
33. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
middle management
steps in the strategic marketing planning process
geographic segmentation
auction pricing
34. Manager responsible for a firm's overall performance and effectiveness
Top Manager
certain disabilities and illnesses
Information Technology (IT)
Corporation
35. Business costs that remain constant regardless of the number of units produced
time utility
promotion
types of utility
fixed costs
36. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
sales promotion approach
risks of product-line extensions
Business (or Competitive) Strategy
functional strategies
37. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Corporate Bond
market
categories of customer communication
positioning
38. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Herzberg's two-factor theory
Business (or Competitive) Strategy
psychographics
specialty advertising
39. Offering a temporary reduction in price
Business Plan
Laws
Prosperity
discount pricing
40. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
grand strategies
Imperfect Competition
Convenience Good/Convenience Service
co-branding
41. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
permission-based marketing
Custom Manufacturing
Joint Venture
retained earnings
42. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Business Plan
utility
Privatization
Certificate of Incorporation
43. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Recession
need
time utility
product advertising
44. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
cost of goods sold
marketing concept
methods of finance for an expanding business
communication mix
45. A business that is involvec with moving goods from producers to consumers
license
premiums
Marketer
Management
46. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
Multinational (or Transnational) Corporation
point-of-purchase display
Collusion
database marketing
47. Delegating more power to employees
Swot Analysis
empowerment
Recovery
marketing research
48. Current assets minus current liabilities
working capital
Quality Control
decline stage
Workplace Diversity
49. Manager responsible for implementing the strategies and working toward the goals set by top managers
common pricing strategies
cash basis
Copyright
Middle Manager
50. Group of small investors who invest money in companies with rapid growth potential
Organizational Chart
Short-Term Goal
Publicly Held (or Public) Corporation
Venture Capital Company