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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. Occurs when widespread price increases occur throughout an economic system
Processing
downsizing
Inflation
marketing research
2. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
accounts receivable
common pricing strategies
forecasting
3. Process through which a manager allocates work to subordinates
Maslow's hierarchy of needs
Delegation
job rotation
Exchange Rate
4. Introducing a new product at a low price in hopes of building sales volume quickly
function of labels
penetration pricing
Industrial Goods
Inflation
5. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
brand managers
Globalization
Stockholder (or Shareholder)
Purchasing Power Party
6. Ratio between net income after taxes and total owners' equity; also known as return on equity
organizational market
news release
middle management
return on investment
7. Market or industry characterized by numerous small firms producing an identical product
Collusion
generic products
news release
Perfect competition
8. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
institutional advertising
Limited Liability
Organizing
9. Obligations that must be next within a year
growth stage
Manufacturer
organizational market
current liabilities
10. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
risks of product-line extensions
Extension
financial control
Authority
11. Activities producing tangible products such as radios - newspapers - buses and textbooks
middle management
Goods Operations (Goods Production)
persuasive advertising
revenues
12. Promotional campaigns that send information only to those people who've specifically asked to receive it
utility
permission marketing
maturity stage
bundling
13. Results from the leader's ability to give or withhold rewards
stages in the life cycle of a product
place utility
Expert Influence
Reward Influence
14. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
authority
rebates
Chain of Command
financial control
15. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Unemployment
permission-based marketing
psychographics
revenues
16. All the operating expenses associated with marketing goods or services
Functional Strategy
communication mix
selling expenses
types of utility
17. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Short-range or operational planning
social media
skim pricing
Strategy
18. The movement of an economy from one condition to another and back again
Business Cycle
Stockholder (or Shareholder)
product
cost of goods sold equation
19. Planned economic system in which the government owns and operates only selected major sources of production
time utility
Socialism
categories of customer communication
family branding
20. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
Affirmative Action
Corporate Bond
Extension
Closely Held (or Private) Corporation
21. Break-even point = fixed costs/ (selling price - variable costs per unit)
Leading
owner's equity
break-even point equation
family branding
22. Ratios that measure a firm's reliance on debt financing of its operations
maturity stage
debt ratios
Extractor
empowerment
23. Charging a high price for a new product during the introductory stage and lowering the price later
empowerment
database marketing
Specialty Good/Specialty Service
skim pricing
24. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Strategic Management
Human Resource Management (HRM)
stealth marketing
distribution channels
25. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
widgets
Bankruptcy
stages of product development
direct mail
26. Marketers focus on stimulating demand for the new product
introductory stage
direct marketing
credit
balance sheet
27. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
fixed costs
Strategic Management
Closely Held (or Private) Corporation
geodemographics
28. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
Ethical Behavior
Certificate of Incorporation
fixed costs
long-term liabilities
29. Applying a successful brand name to a new product category
productivity - the success of the managers - and the morale of the other employees
Chain of Command
brand extension
liquidity ratios
30. Authority granted to committees or teams involved in a firm's daily operations
Exchange Rate
search advertising
Substitute Product
Committee and Team Authority
31. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
quick ratio
mission statement
activity ratios
categories of customer communication
32. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
organizational market
market segmentation
Decision Making
social commerce
33. Managers who develop and implement a complete strategy and marketing program for specific products or brands
break-even point
premiums
brand managers
common pricing strategies
34. Lots of leeway to workers to meet goals
private brands
Public Goods
permission marketing
laissez-faire Leadership style
35. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
First-Line Manager
price elasticity
price based pricing
Real GDP
36. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
function of labels
product line
Acquisition
37. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Tactical Management
grand strategies
market segmentation
selling expenses
38. Law made by the authority of administrative agencies
Import
Regulatory (Administrative) Law
Leading
Perfect competition
39. Management process of guiding and motivating employees to meet an organization's objectives
accrual basis
price based pricing
common pricing strategies
Leading
40. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
marketing research
Mission Statement
Audit
41. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Prosperity
Procedure
communication mix
integrated marketing communications
42. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
equity financing
Organization Chart
database marketing
growth through direction state
43. Advertising intended to remind existing customers of a product's availability and benefits
productivity - the success of the managers - and the morale of the other employees
reminder advertising
Officers
Marketing
44. Motivator and hygiene factors need to be met to prevent dissatisfaction
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45. Process of converting government enterprises into privately owned companies
Long-range or strategic planning
Purchasing Power Party
market segmentation
Privatization
46. Delegating more power to employees
empowerment
news conference
Ethical Behavior
owner's equity equation
47. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
Flat Organizational Structure
stages in the life cycle of a product
transaction
48. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Strategic Management
Consumer Goods
search advertising
customer loyalty
49. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
equity financing
types of utility
debt-to-equity ratio
Autocratic Leadership style
50. The company founder is no longer solely responsible for all decision making during the ____.
cash basis
growth through direction state
debt-to-equity ratio
corporate strategies