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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. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
rebates
inventory turnover ratio
social commerce
social media
2. Type of partnership consisting of limited partners and a general (or active) partner
Supply Chain (Value Chain)
Strategy
Autocratic Leadership style
Limited Partnership
3. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
brand
Recovery
grand strategies
Marketing
4. Demographics - psychographics - and geographics
Span of Control
Supply Chain (Value Chain)
word of mouth
primary factors of market segmentation
5. Difference of revenues - costs - and profit from the planned amounts.
Standard of Living
Variance
market share
Maslow's hierarchy of needs
6. Money paid to acquire something of permanent value in a business
Variance
capital investments
Monopoly
market segmentation
7. Court-granted permission for a company to not pay some or all debts
decline stage
Bankruptcy
function of labels
positioning
8. Process through which a manager allocates work to subordinates
demographics
Delegation
discount pricing
capital budgeting
9. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Purchasing Power Party
categories of customer communication
certain disabilities and illnesses
Goals
10. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
how companies learn about customer
sales promotion
S Corporation
personal sales approach
11. Characteristic of centralized companies with multiple layers of management
generic products
Tall Organizational Structure
Laws
customer loyalty
12. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Mission Statement
fringe benefit
Chain of Command
point-of-purchase display
13. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
place utility
decline stage
Crisis Management
Organizing
14. Identification and marketing of a social issues - cause - or idea to selected target markets
skim pricing
objectives
Monopoly
cause-related marketing
15. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
skim pricing
working capital
ratio analysis
accounts payable
16. Occurs when widespread price increases occur throughout an economic system
cost of goods sold equation
benchmarking
Inflation
Whistle Blower
17. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Pure Competition
opportunity cost
S Corporation
generic products
18. The ability to get others to accoplish tasks because of the position the leader holds
Operations (Production) Management
Position Influence
North American Free Trade Agreement (NAFTA)
Perfect competition
19. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
brand mark
Service Operations (Service Production)
factors that influence pricing decisions
push strategy
20. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
expenses
inventory turnover ratio
3 Economic Role
Information Technology (IT)
21. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Import
selling expenses
Contingent Worker
stealth marketing
22. Results from the leader's ability to give or withhold rewards
capital investments
Purchasing Power Party
Reward Influence
Goal
23. Organization for economic - social - and security cooperation among European nations
European Union (EU)
North American Free Trade Agreement (NAFTA)
stages of product development
Convenience Good/Convenience Service
24. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
profitability ratios
Operations (Production) Management
demographics
25. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Policy
Unemployment
Whistle Blower
reminder advertising
26. Power to make the decisions necessary to complete a task
Leadership Style
Authority
Nepotism
long-term liabilities
27. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
Supply
why companies learn about customers so they can stay in touch with their current needs and wants
Copyright
Specialty Good/Specialty Service
28. This law guards against false advertising.
Physical Distribution
wants
cost of goods sold
Wheeler-Lea Act of 1938
29. Mechanism for exchange between buyers and sellers of a particular good or service
geographic segmentation
Market
Market economy
Procedure
30. Selling one product at a loss as a way to entice customers to consider other products
accounts receivable turnover ratio
word of mouth
loss-leader pricing
Socialism
31. Process of dealing with employees who are represented by a union
contingency plans
Strategy
Labor Relations
Depression
32. Making decisions without consulting anyone
product advertising
national brands
Limited Liability Corporation (LLC)
Autocratic Leadership style
33. The ability to carry out a task
authority
Statutory Law
return on sales
Monopoly
34. Owner of shares of stock in a corporation
Management
institutional advertising
demographics
Stockholder (or Shareholder)
35. Method of calculating the minimum volume of sales needed at a given price to cover all costs
growth stage
break-even analysis
quick ratio
growth through direction state
36. 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
Labor Union
factors that influence pricing decisions
inventory turnover ratio
growth strategies
37. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Business Plan
functional strategies
Stockholder (or Shareholder)
time utility
38. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
levels of brand loyalty
permission-based marketing
Philosophy
39. 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
trademarks
Limited Partner
brand mark
S Corporation
40. The creation and sharing of product-related information among customers and potential customers
social commerce
Service Business
profitability ratios
demographics
41. A leadership style where the manager is directive and controlling
Tactical Management
debt-to-equity ratio
Public Goods
Position Influence
42. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
utility
Quid Pro Quo Harassment
distribution channels
budget
43. The level of joblessness among people actively seeking work in an economic system
Unemployment
Unethical Behavior
function of labels
Whistle Blower
44. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
positioning
pull strategy
revenues
Decision Making
45. Exchange of value between parties
loss-leader
Centralized Organization
transaction
Unemployment
46. Arises when group members recognize that the leader has special expertise in the area
variable costs
Expert Influence
marketing research
responsibilities of a financial manager
47. An increase in liabilities
vertical analysis
place utility
debit
credit
48. 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
Patent
Specialty Good/Specialty Service
Outcome-based ethics
Labor Union
49. Brands that have been given legal protection so that their owners have exclusive rights to their use
price based pricing
trademarks
Recession
dynamic pricing
50. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
risks of product-line extensions
Whistle Blower
inside board members
mission statement