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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. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
owner's equity
brand managers
place marketing
Human Resource Management (HRM)
2. 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
owner's equity equation
Export
Planning
Recession
3. Process of scanning the business environment for threats and opportunities
Environmental Analysis
stealth marketing
liquidity ratios
corporate strategies
4. Goal set for an extended time - typically 5 years or more in the future
Limited Partnership
Business (or Competitive) Strategy
Long-Term Goal
why companies learn about customers so they can stay in touch with their current needs and wants
5. Costs created in the process of generating revenues
Long-Term Goal
Certificate of Incorporation
Venture Capital Company
expenses
6. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product (GDP)
behavioral segmentation
stages in the life cycle of a product
personal sales approach
7. A measure of the sensitivity of demand to changes in price
price elasticity
ratio analysis
Board of Directors
geographics
8. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Certificate of Incorporation
psychographics
Competition
target markets
9. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Delegation
Philosophy
Business Ethics
break-even analysis
10. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
Monopoly
profitability ratios
Pure Competition
calendar year
11. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
theory y
Span of Control
Whistle Blower
profitability ratios
12. A sustained increase in the general level of prices
Inflation
place marketing
depreciation
assets equation
13. Activities needed to move a product efficiently from manufacturer to consumer
geographic segmentation
Reward Influence
Physical Distribution
how companies learn about customer
14. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Price Fixing
Retailer
advertising
Regulatory (Administrative) Law
15. 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
ways to expand a product line
methods of finance for an expanding business
Regulatory (Administrative) Law
Authority
16. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
communication mix
Long-range or strategic planning
stages in the life cycle of a product
17. Cost of goods sold = beginning inventory + net purchases - ending inventory
price elasticity
Decision-Making Skills
cost of goods sold equation
family branding
18. Large-scale production and distribution of a product
Management
cognitive dissonance
commercialization
profitability ratios
19. Product development stage in which a product is sold on a limited basis - a trial introduction
Long-Term Goal
test marketing
news conference
Purchasing Power Party
20. A business firm that does things for you instead of making or makerting products
Service Business
break-even point equation
Depression
debt ratios
21. Obligation employees have to their manager for the successful completion of an assigned task
positioning
price
Accountability
personal sales approach
22. Offering several products for a single price that is presumably lower than the total of the products' individual prices
marketing research
promotion
bundling
auction pricing
23. In a ____ authority originates at the top and moves downward in a line.
line organization
direct mail
activity ratios
Labor Relations
24. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
Organizational Stakeholders
price based pricing
Quality
brand
25. Organization in which most decision-making authority is held by upper-level management
Crisis Management
Franchise
General (Active) Partner
Centralized Organization
26. Postsales reductions in price - must be applied for by the purchaser
rebates
Supply
depreciation
direct marketing
27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
benchmarking
Safety
brand
market share
28. A short - specific written statement of the reason a business exists and what it wants to achieve.
Swot Analysis
mission statement
reminder advertising
cause-related marketing
29. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
long-term liabilities
Sole Proprietership
Limited Partnership
Organizational Stakeholders
30. Nonsales communication that businesses have with their various audiences
public relations
Monopoly
cognitive dissonance
organization behavior modification
31. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
Inflation
Officers
Unlimited Liability
32. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Goods Operations (Goods Production)
persuasive advertising
function of labels
Monopoly
33. The four key elements of marketing strategy: product - price - distribution - and promotion
Board of Directors
commercialization
marketing mix
growth through direction state
34. Brands owned by the manufacturers and distributed nationally
Extractor
Prime Rate
national brands
common pricing strategies
35. Top management team of a corporation
test marketing
Officers
it produces the greatest amount of good for the greatest number
Nepotism
36. Individuals or households that buy goods and services for personal use
consumer market
wants
news release
Services
37. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
cost of goods sold equation
Chain of Command
form utility
social media approach
38. Confusion results if a person reports to two people at once - according to ____.
liquidity ratios
unity of command
Depression
Sole Proprietership
39. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
co-branding
common pricing strategies
revenues
psychographics
40. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
retained earnings
Organization Chart
brand names
41. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Mixed Management
Three reasons nations trade
Small Business Administration (SBA)
contract
42. Elimination of rules that restrict business activity
Competition
Chain of Command
Deregulation
brand equity
43. People are lazy
theory x
Authority
Certificate of Incorporation
psychographics
44. A prolonged and deep recession
market segmentation
Monopolistic competition
Retrenchment
Depression
45. Markets focus on increasing the product's market share
middle management
growth stage
authority
horizontal analysis
46. Loss of brand identity and the cannibalization of sales of other products in the product line
Delegation
Physical Distribution
marketing research
risks of product-line extensions
47. Partner who actively manages a firm and who has unlimited liability for its debts
dynamic pricing
word of mouth
Export
General (Active) Partner
48. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
categories of customer communication
widgets
statement of cash flows
brand names
49. Selling or supporting the sales process over the telephone
Common Law
trade allowance
telemarketing
national brands
50. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
positive reinforcement
product line
Perfect competition