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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. Exchange of value between parties
Marketer
Demand
family branding
transaction
2. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
exchange process
product life cycle
Nepotism
liquidity ratios
3. Body of decisions handed down by courts ruling on individual cases
Common Law
Convenience Good/Convenience Service
sales promotion
elements of a company's marketing mix
4. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Mixed Management
Environmental Analysis
Sarbanes-Oxley Act of 2002 (Sarbox)
Purpose of Strategic Planning
5. Power to make the decisions necessary to complete a task
maturity stage
long-term liabilities
Operations (Production) Management
Authority
6. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
Stockholder (or Shareholder)
Three reasons nations trade
Import
Decentralized Organization
7. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
operating expenses
Span of Control
Labor Productivity
marketing
8. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Common Law
point-of-purchase display
positioning
auction
9. profitability - liquidity - activities - and leverage/debt
types of financial ratios
Standard of Living
Philosophy
wants
10. Organization in which most decision-making authority is held by upper-level management
Copyright
Centralized Organization
Corporation
decline stage
11. 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
Labor Union
co-branding
customer loyalty
calendar year
12. 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
productivity - the success of the managers - and the morale of the other employees
Crisis Management
Small Business Administration (SBA)
double-entry bookkeeping
13. Introductory stage - growth stage - maturity stage - decline stage
stages in the life cycle of a product
Long-range or strategic planning
sales promotion
marketable securities
14. 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
management by objectives (MBO)
Theory Z
Business Plan
factors that influence pricing decisions
15. Law created by consistitution(s) or by federal - state - or local legislative acts
advertising approach
Statutory Law
market
brand loyalty
16. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Matrix Structures
brand
World Trade Organization (WTO)
specialty advertising
17. Acquiring funds through borrowing
Statutory Law
Philosophy
debt financing
trade allowance
18. Obligation employees have to their manager for the successful completion of an assigned task
form utility
credit
Accountability
Limited Liability
19. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
time utility
push strategy
trade promotions
current assets
20. Cash and items that can be turned into cash within one year
current assets
skim pricing
social media approach
Short-Term Goal
21. Arises when group members recognize that the leader has special expertise in the area
Variance
assets
permission marketing
Expert Influence
22. 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)
Wheeler-Lea Act of 1938
Competition
Nepotism
23. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
fixed assets
Sole Proprietership
product advertising
Corporate Strategy
24. Informal communication between customers and potential customers
word of mouth
Matrix Structures
Outsourcing
direct marketing
25. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
Affirmative Action
merger
Goal
general expenses
26. The four key elements of marketing strategy: product - price - distribution - and promotion
Prime Rate
marketing mix
Globalization
permission-based marketing
27. 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
Service Operations (Service Production)
quick ratio
Strategy
search advertising
28. Direct communication other than personal sales contacts designed to effect a measurable response
Specialty Good/Specialty Service
net income
liabilities
direct marketing
29. Applying a successful brand name to a new product category
national brands
brand extension
Gross National Product (GNP)
credit
30. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
widgets
advertising approach
Goods Operations (Goods Production)
31. Demographics - psychographics - and geographics
discount pricing
stages in the life cycle of a product
primary factors of market segmentation
direct mail
32. Expensive - rarely purchased good or service
Specialty Good/Specialty Service
geographics
Expert Influence
Closely Held (or Private) Corporation
33. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Corporate Strategy
current assets
reminder advertising
grand strategies
34. The collection and analysis of information for making marketing decisions
job rotation
marketing research
Private enterprise
place utility
35. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Hostile Work Environment
empowerment
Environmental Analysis
Small Business Administration (SBA)
36. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Regulatory (Administrative) Law
Specialty Good/Specialty Service
Monopolistic competition
reminder advertising
37. Form - time - place - possession
psychographics
quick ratio
types of utility
positioning
38. Using relative information to predict how many jobs will be needed
Retrenchment
Prosperity
Purchasing Power Party
forecasting
39. Objective that a business hopes and plans to achieve
online display advertising
product mix
Goal
Mixed Management
40. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
statement of cash flows
theory y
Nepotism
responsibility
41. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Organizational Chart
types of utility
psychographics
rebates
42. Top management team of a corporation
Accountability
Officers
psychographics
trade allowance
43. Portion of a brand that cannot be expressed verbally
Autocratic Leadership style
brand mark
assume that all workers are content with their work
risks of product-line extensions
44. Sales promotion aimed at final consumers
quick ratio
trade promotions
consumer promotion
marketable securities
45. Offering a temporary reduction in price
Limited Liability Corporation (LLC)
discount pricing
market segmentation
working capital
46. Results from the leader's ability to give or withhold rewards
Ethics
3 Economic Role
Reward Influence
direct marketing
47. Nonsales communication that businesses have with their various audiences
Organizational Chart
consumer promotion
public relations
Maslow's hierarchy of needs
48. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
elements of a company's marketing mix
North American Free Trade Agreement (NAFTA)
Closely Held (or Private) Corporation
debt-to-total-assets ratio
49. A leadership style where managers are less directive and involved employees in decision making
Socialism
Certificate of Incorporation
functional strategies
Strategic Management
50. Markets focus on increasing the product's market share
Organization Chart
Export
growth stage
ratio analysis