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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. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
Consumer Goods
double-entry bookkeeping
marketing strategy
2. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
Management Information System (MIS)
Democratic Leadership Style
expenses
3. Alternative plans to be implemented if uncontrollable event occur
contingency plans
benchmarking
direct marketing
downsizing
4. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
debt-to-total-assets ratio
Quality Control
objectives
Philosophy
5. Categorization of customers according to their geographical location
Monopolistic competition
geographic segmentation
assume that all workers are content with their work
risks of product-line extensions
6. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
Purpose of Strategic Planning
Organizational Structure
Policy
Position Influence
7. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Retrenchment
cost of goods sold equation
place utility
introductory stage
8. Codified rules of behavior enforced by society
sales promotion approach
Outsourcing
accounts receivable turnover ratio
Laws
9. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
Export
search advertising
Acquisition
direct marketing approach
10. Ethical or unethical behaviors by employees in the context of their jobs
product advertising
institutional advertising
Socialism
Business Ethics
11. Rewarded for good performance; something the employee likes is praised
accounts receivable turnover ratio
Labor Productivity
positive reinforcement
utility
12. Somethings needed by a community and provided by its government
working capital
Public Goods
current assets
schematic of marketing process
13. The four key elements of marketing strategy: product - price - distribution - and promotion
Organization Chart
marketing mix
institutional advertising
Recession
14. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
Business Plan
promotional strategy
Retailer
Committee and Team Authority
15. Delegating more power to employees
Monopoly
empowerment
marketing
Information Technology (IT)
16. Process through which a manager allocates work to subordinates
Delegation
Controlling
telemarketing
Retrenchment
17. Confusion results if a person reports to two people at once - according to ____.
Contingent Worker
assets
unity of command
reminder advertising
18. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Strategy
Herzberg's two-factor theory
Telemarketing
Authority
19. Strategy whereby a firm sells one or more of its business units
line organization
direct mail
debt-to-total-assets ratio
Divestiture
20. The company founder is no longer solely responsible for all decision making during the ____.
growth through direction state
public relations
accounting equation
promotional strategy
21. When organizations change raw materials into finished goods
Purchasing Power Party
Monopoly
form utility
Natural monopoly
22. Organization in which most decision-making authority is held by upper-level management
price
Centralized Organization
premiums
Wholesaler
23. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Strategic Alliance
Philosophy
marketing concept
Theory Z
24. Building a specific and unique product to meet the needs of one consumer
exchange process
Custom Manufacturing
penetration pricing
Imperfect Competition
25. Making decisions without consulting anyone
elements of a company's marketing mix
target markets
empowerment
Autocratic Leadership style
26. Strategy in which two or more organizations collaborate on a project for mutual gain
positioning
market segmentation
Supply
Strategic Alliance
27. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
activity ratios
Physical Distribution
Recovery
Specialty Good/Specialty Service
28. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Matrix Structures
S Corporation
social commerce
market segmentation
29. Informal communication between customers and potential customers
it produces the greatest amount of good for the greatest number
positive reinforcement
word of mouth
commercialization
30. A large number of identical products are assembled using a continuous - efficient procedure
Laws
Certificate of Incorporation
Mass Production
laissez-faire Leadership style
31. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Quality Control
Private enterprise
break-even point
psychographics
32. Brands that have been given legal protection so that their owners have exclusive rights to their use
Tall Organizational Structure
trademarks
Chain of Command
demographics
33. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
distribution channels
3 Economic Role
Pure Competition
Supply
34. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Tactical Management
Unlimited Liability
coupons
SWOT analysis
35. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Bankruptcy
stages of product development
World Trade Organization (WTO)
Wheeler-Lea Act of 1938
36. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Expert Influence
cash basis
horizontal analysis
personal sales approach
37. Unwelcome sexual advances in the workplace
authority
relationship marketing
co-branding
Sexual Harassment
38. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
generic products
methods of finance for an expanding business
institutional advertising
39. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
Capitalism
quick ratio
Autocratic Leadership style
40. Customer value added by making a product available at a convenient time
return on equity ratio
time utility
push strategy
Private enterprise
41. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
debt financing
Organizational Stakeholders
brand names
Ethics
42. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
risks of product-line extensions
marketing
brand
Functional Strategy
43. 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
Short-range or operational planning
credit
Mission Statement
44. In a ____ authority originates at the top and moves downward in a line.
line organization
wants
news conference
debit
45. A forecast of financial requirements and the financing sources to be used
return on investment
financial plan
transaction
accounts receivable
46. Process of dealing with employees who are represented by a union
social media approach
Labor Relations
break-even point equation
Labor Productivity
47. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Quality
Limited Partner
downsizing
48. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
negative reinforcement
test marketing
positioning
Multinational (or Transnational) Corporation
49. Product made or grown domestically but sold abroad
productivity - the success of the managers - and the morale of the other employees
psychographics
social commerce
Export
50. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Market
rebates
Decentralized Organization
capital budgeting