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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. Acquiring funds by selling shares of a company's stock
word of mouth
cost of goods sold
equity financing
Leading
2. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
price elasticity
profitability ratios
Intellectual Property
Swot Analysis
3. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
accounts receivable turnover ratio
Strategy
gross profit
function of labels
4. Large-scale production and distribution of a product
working capital
commercialization
Pure Competition
coupons
5. Advertising intended to remind existing customers of a product's availability and benefits
Laws
reminder advertising
ratio analysis
Private enterprise
6. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
negative reinforcement
European Union (EU)
Import
Audit
7. Market or industry in which there is only one producer that can therefore set the prices on all of its products
relationship marketing
Management Information System (MIS)
fiscal year
Monopoly
8. Physical products purchased by consumers for personal use
Labor Relations
Marketing
Consumer Goods
Industrial Goods
9. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
Business (or Competitive) Strategy
Gross Domestic Product (GDP)
SWOT analysis
commercialization
10. Portion of a brand that cannot be expressed verbally
brand mark
Tactical Management
Flat Organizational Structure
trade allowance
11. Identification and marketing of a social issues - cause - or idea to selected target markets
cause-related marketing
North American Free Trade Agreement (NAFTA)
contingency plans
search advertising
12. Reporting relationships within a company
Extractor
capital budgeting
target markets
Chain of Command
13. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
marketing research
Limited Partner
reminder advertising
decision-making role
14. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Purchasing Power Party
positive reinforcement
activity ratios
positioning
15. Power of a good or services to satisfy a human need
Public Goods
Private enterprise
utility
debt-to-equity ratio
16. Power to make the decisions necessary to complete a task
telemarketing
accounts receivable
decline stage
Authority
17. Elimination of rules that restrict business activity
Supply
Deregulation
push strategy
fiscal year
18. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
form utility
authority
Position Influence
Short-range or operational planning
19. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Franchise
retained earnings
Intellectual Property
brand managers
20. Organization in which most decision-making authority is held by upper-level management
Centralized Organization
Laws
place utility
Committee and Team Authority
21. Current assets minus current liabilities
wants
working capital
decision-making role
auction pricing
22. Marketers focus on stimulating demand for the new product
introductory stage
SWOT analysis
functional strategies
Environmental Analysis
23. Choosing one alternative from among several options
Authority
Decision Making
time utility
Small Business Administration (SBA)
24. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
Services
Board of Directors
specialty advertising
target markets
25. In bookkeeping - an increase in assets
credit
place utility
schematic of marketing process
Corporate Strategy
26. Assets - liabilities = owner's equity
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27. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
trade allowance
Labor Relations
debt-to-total-assets ratio
28. Takes the extractor's products or raw materials and changs the into a form that consumers can use
return on investment
Manufacturer
Labor Relations
Deregulation
29. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
owner's equity
assets
marketing
contract
30. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Decision Making
Organizing
productivity - the success of the managers - and the morale of the other employees
Middle Manager
31. Goal set for an extended time - typically 5 years or more in the future
Leadership
Long-Term Goal
Crisis Management
Workplace Diversity
32. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
Goals
cash basis
downsizing
current assets
33. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
factors that influence pricing decisions
fixed costs
fixed assets
Merger
34. Costs created in the process of generating revenues
expenses
vertical analysis
loss-leader pricing
psychographics
35. A sustained increase in the general level of prices
persuasive advertising
equity financing
Extension
Inflation
36. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
debt-to-equity ratio
methods of finance for an expanding business
Depression
Long-range or strategic planning
37. People are lazy
Business Ethics
Multinational (or Transnational) Corporation
theory x
promotion
38. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
geographics
revenues
empowerment
horizontal analysis
39. Products characterized by a plain label - with no advertising and no brand name
grand strategies
generic products
gross profit
integrated marketing communications
40. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
market
cost of goods sold equation
inventory turnover ratio
41. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Business Plan
bundling
Short-range or operational planning
Recovery
42. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
institutional advertising
Theory Z
permission marketing
price based pricing
43. A business that grows products or takes raw material from nature
Extractor
market
decline stage
3 Economic Role
44. Continually adjusting prices to reflect changes in supply and demand
function of packaging
dynamic pricing
marketable securities
Strategic Management
45. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
primary factors of market segmentation
Information Technology (IT)
growth through direction state
Nepotism
46. The way you live as measure by the kinds and quality of goods and services you can afford
Outsourcing
Certificate of Incorporation
Socialism
Standard of Living
47. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Sexual Harassment
institutional advertising
cost of goods sold
Imperfect Competition
48. The degree to which customers continue to purchase a specific brand
trade promotions
psychographics
current liabilities
brand loyalty
49. Obligations that must be next within a year
place utility
current liabilities
operating expenses
Herzberg's two-factor theory
50. This level of management includes department heads and district sales managers.
utility
middle management
penetration pricing
responsibility