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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Costs created in the process of generating revenues
expenses
Monopoly
geographic segmentation
stealth marketing
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
auction
operating expenses
Ethical Behavior
grand strategies
3. Advertising designed to encourage customers to try new products or to switch brands
Goal
persuasive advertising
Organizing
Autocratic Leadership style
4. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
S Corporation
consumer promotion
Standard of living
Deregulation
5. This level of management includes department heads and district sales managers.
Autocratic Leadership style
Depression
marketing mix
middle management
6. Communications channels - such as newspapers - radio - and television
media
Depression
place marketing
Long-Term Goal
7. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
capital investments
Ethical Behavior
skim pricing
generic products
8. Pricing selling one product at a loss as a way to entice customers to consider other products
revenues
stealth marketing
loss-leader
permission marketing
9. A series of related products offered by a firm
assets
primary factors of market segmentation
sales promotion approach
product line
10. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Decision-Making Skills
Short-range or operational planning
opportunity cost
Business Cycle
11. Results from the leader's ability to give or withhold rewards
Copyright
break-even point
Reward Influence
media
12. Organization's methods for dealing with emergencies
Corporate Governance
statement of cash flows
Swot Analysis
Crisis Management
13. Personal communication between a seller and one or more potential buyers
Deregulation
Middle Manager
personal selling
Goals
14. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
selling expenses
Strategy
Price Fixing
Prime Rate
15. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
customer loyalty
Leadership
social media approach
telemarketing
16. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Demand
retained earnings
Processing
Service Business
17. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Specialty Good/Specialty Service
Limited Liability Corporation (LLC)
institutional advertising
behavioral segmentation
18. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
sales promotion approach
current assets
Oligopoly
Middle Manager
19. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Privatization
co-branding
Chief Executive Officer (CEO)
personal sales approach
20. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
geographic segmentation
current ratio
Venture Capital Company
variable costs
21. Products characterized by a plain label - with no advertising and no brand name
risks of product-line extensions
online display advertising
generic products
Limited Partner
22. Industry in which one company can most efficiently supply all needed goods or services
Chain of Command
Monopolistic Competition
Natural monopoly
target markets
23. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
current liabilities
customer loyalty
advertising
psychographics
24. Law created by consistitution(s) or by federal - state - or local legislative acts
Tactical Management
Export
unity of command
Statutory Law
25. An action is morally correct - when - among the people it affects...
it produces the greatest amount of good for the greatest number
fiscal year
return on investment
quality control circles
26. A detailed series of related steps or tasks written to implement a policy is called a ____.
Chain of Command
cost based pricing
earnings per share
Procedure
27. Claims against a firm's assets by creditors - such as banks and suppliers
objectives
return on investment
liabilities
marketing research
28. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
SWOT analysis
point-of-purchase display
why companies learn about customers so they can stay in touch with their current needs and wants
Theory Z
29. Something produced by the intellect or mind that has commercial value
Unemployment
Price Fixing
North American Free Trade Agreement (NAFTA)
Intellectual Property
30. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
function of labels
it produces the greatest amount of good for the greatest number
Labor Union
debt-to-equity ratio
31. Cost of goods sold = beginning inventory + net purchases - ending inventory
sales promotion
cost of goods sold equation
cost based pricing
inside board members
32. Using relative information to predict how many jobs will be needed
forecasting
auction pricing
product life cycle
growth strategies
33. Media: news release; audience: broad - intensity: passive - active; purpose: inform
quality control circles
public relations approach
theory y
Purpose of Strategic Planning
34. The company founder is no longer solely responsible for all decision making during the ____.
permission marketing
growth through direction state
variable costs
function of labels
35. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
time utility
Small Business Administration (SBA)
Physical Distribution
activity ratios
36. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
pull strategy
cause-related marketing
customer service
long-term liabilities
37. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
Chief Executive Officer (CEO)
permission marketing
revenues
38. Manager responsible for implementing the strategies and working toward the goals set by top managers
Middle Manager
personal sales approach
Monopoly
auction
39. 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
common pricing strategies
debit
ways to expand a product line
Labor Union
40. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Out-sourcing
Imperfect Competition
marketable securities
inventory turnover ratio
41. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
loss-leader pricing
Wheeler-Lea Act of 1938
long-term liabilities
earnings per share
42. Power of a good or services to satisfy a human need
Out-sourcing
Organization Chart
utility
Workplace Diversity
43. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
rebates
product line
Multinational (or Transnational) Corporation
news conference
44. Group of small investors who invest money in companies with rapid growth potential
integrated marketing communications
growth strategies
Marketer
Venture Capital Company
45. Method of calculating the minimum volume of sales needed at a given price to cover all costs
schematic of marketing process
Demand
break-even analysis
Human Resource Management (HRM)
46. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Matrix Structures
Divestiture
Restructuring
growth stage
47. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
unity of command
cognitive dissonance
Leadership
how companies learn about customer
48. Characteristic of decentralized companies with relatively few layers of management
function of packaging
loss-leader
Service Business
Flat Organizational Structure
49. Informal work groups can affect ____.
behavioral segmentation
productivity - the success of the managers - and the morale of the other employees
Common Law
Wheeler-Lea Act of 1938
50. Promotional campaigns that send information only to those people who've specifically asked to receive it
Unlimited Liability
Pure Competition
permission marketing
loss-leader pricing
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