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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. A period during which aggregate output - as measured by GDP - declines
Mission Statement
Expert Influence
Short-range or operational planning
Recession
2. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Middle Manager
advertising approach
private brands
close the books
3. Ethical or unethical behaviors by employees in the context of their jobs
cognitive dissonance
Hostile Work Environment
Democratic Leadership Style
Business Ethics
4. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Gross National Product (GNP)
form utility
stages of product development
Functional Strategy
5. Sales promotion aimed at final consumers
auction pricing
accrual basis
credit
consumer promotion
6. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
Decentralized Organization
profitability ratios
horizontal analysis
Franchise
7. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Real GDP
news release
unity of command
integrated marketing communications
8. Money paid to acquire something of permanent value in a business
capital investments
stages of product development
it produces the greatest amount of good for the greatest number
brand mark
9. Electronic media that invite participation by the general public
Whistle Blower
Inflation
Standard of living
social media
10. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Globalization
Authority
sales promotion
Organizational Stakeholders
11. Motivator and hygiene factors need to be met to prevent dissatisfaction
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12. A business firm that does things for you instead of making or makerting products
relationship marketing
Service Business
Accountability
Collusion
13. People are lazy
theory x
social commerce
search advertising
maturity stage
14. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
trade allowance
product advertising
product
Safety
15. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
revenues
limitations of marketing research
test marketing
16. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
need
product life cycle
Export
Goals
17. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
debt financing
Purchasing Power Party
fixed costs
Decision-Making Skills
18. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
news conference
Outsourcing
inside board members
marketable securities
19. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Recession
demographics
brand
psychographics
20. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
Limited Liability
co-branding
Ethics
21. Brand awareness - brand preference - brand insistence
levels of brand loyalty
time utility
Contingent Worker
Imperfect Competition
22. Brands owned by the manufacturers and distributed nationally
Universal Product Codes
positive reinforcement
Small Business Administration (SBA)
national brands
23. 12 month accounting period that begins on January 1 and ends on December 31
activity ratios
fixed costs
calendar year
marketing mix
24. Bar codes on product packages that provide information read by optical scanners
Out-sourcing
Universal Product Codes
cause-related marketing
marketing concept
25. Form - time - place - possession
statement of cash flows
Recovery
benchmarking
types of utility
26. Introducing a new product at a low price in hopes of building sales volume quickly
Benefits
Mission Statement
penetration pricing
organizational market
27. Products characterized by a plain label - with no advertising and no brand name
authority
merger
Gross National Product (GNP)
generic products
28. Manager responsible for a firm's overall performance and effectiveness
current ratio
Strategy
Top Manager
Sarbanes-Oxley Act of 2002 (Sarbox)
29. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
SWOT analysis
Flat Organizational Structure
Maslow's hierarchy of needs
news release
30. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Decentralized Organization
Capitalism
direct marketing approach
Top Manager
31. An increase in liabilities
debit
Leadership Style
Globalization
Middle Manager
32. A series of related products offered by a firm
Processing
Custom Manufacturing
Corporate Governance
product line
33. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
exchange process
dynamic pricing
Procedure
Chain of Command
34. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
Flat Organizational Structure
Import
social media
35. Ratios that measure the effectiveness of the firm's use of its resources
trade promotions
activity ratios
premiums
Gross National Product (GNP)
36. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
Expert Influence
permission marketing
schematic of marketing process
37. Skills in defining problems and selecting the best courses of action
Acquisition
Decision-Making Skills
certain disabilities and illnesses
Standard of Living
38. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
financial management
working capital
Marketing
39. Inexpensive good or service purchased and consumed rapidly and regularly
Inflation
Retrenchment
Reward Influence
Convenience Good/Convenience Service
40. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
national brands
owner's equity
accounts payable
41. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
personal sales approach
market share
Short-range or operational planning
empowerment
42. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Goal
wants
maturity stage
decline stage
43. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Telemarketing
debt ratios
public relations approach
44. Stems from personal trust and respect members have for the leader
demographics
Retailer
marketing research
Identity Influence
45. Rewarded for good performance; something the employee likes is praised
profitability ratios
authority
pull strategy
positive reinforcement
46. Goal set for an extended time - typically 5 years or more in the future
Insider Trading
Long-Term Goal
news release
product mix
47. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Leadership
Sole Proprietership
news conference
Expert Influence
48. Organization for economic - social - and security cooperation among European nations
European Union (EU)
Restructuring
Recession
trademarks
49. Being accountable or being able to justify an action
Retailer
Controlling
Crisis Management
responsibility
50. Portion of a brand that cannot be expressed verbally
brand mark
financial control
marketing
Outsourcing