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Business Fundamentals
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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 forecast of financial requirements and the financing sources to be used
financial plan
organization behavior modification
Specialty Good/Specialty Service
Export
2. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Functional Strategy
Manufacturer
accounts receivable
Crisis Management
3. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Tall Organizational Structure
Extractor
Delegation
Philosophy
4. Business costs that remain constant regardless of the number of units produced
elements of a company's marketing mix
test marketing
fixed costs
cost of goods sold equation
5. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
schematic of marketing process
skim pricing
functional strategies
sales promotion
6. Study of statistical characteristics of a population
benchmarking
demographics
cost of goods sold
Audit
7. Small software programs that provide part of the functionality of a website
Goals
Corporate Bond
Sexual Harassment
widgets
8. Communications channels - such as newspapers - radio - and television
media
Variance
Copyright
Limited Liability Corporation (LLC)
9. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Socialism
Wholesaler
statement of cash flows
Pure Competition
10. Goal set for the very near future
Short-Term Goal
test marketing
Retrenchment
Copyright
11. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
price elasticity
return on investment
Organizing
penetration pricing
12. Vying among businesses for the same resources or customers
license
risks of product-line extensions
Competition
Collusion
13. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
S Corporation
benchmarking
capital investments
Quid Pro Quo Harassment
14. 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
cost of goods sold
price
market share
stealth marketing
15. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
organization behavior modification
brand mark
Services
Organizational Chart
16. The way a manager teats and directs employees
push strategy
function of labels
negative reinforcement
Leadership Style
17. Obligation employees have to their manager for the successful completion of an assigned task
premiums
Accountability
operating expenses
possession utility
18. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
schematic of marketing process
Position Influence
General Partnership
product
19. The act of transferring net revenue and expense account balances to retained earnings for the period
brand managers
close the books
Universal Product Codes
how companies learn about customer
20. Organization's methods for dealing with emergencies
Crisis Management
product
Quality Control
owner's equity
21. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Statutory Law
personal selling
corporate strategies
Acquisition
22. Diagram depicting a company's structure and showing employees where they fit into its operations
Variance
Organization Chart
permission-based marketing
current liabilities
23. Sales volume at a given price that will cover all of a company's costs
fringe benefit
break-even point
Workplace Diversity
Small Business Administration (SBA)
24. Occurs when widespread price increases occur throughout an economic system
Privatization
Policy
Exchange Rate
Inflation
25. Marketers focus on stimulating demand for the new product
long-term liabilities
introductory stage
Management Information System (MIS)
debt financing
26. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
communication mix
Autocratic Leadership style
Gross Domestic Product (GDP)
activity ratios
27. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Venture Capital Company
methods of finance for an expanding business
Recovery
time utility
28. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
North American Free Trade Agreement (NAFTA)
Herzberg's two-factor theory
Inflation
financial control
29. Expensive - rarely purchased good or service
Purchasing Power Party
market segmentation
fiscal year
Specialty Good/Specialty Service
30. 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
promotion
ways to expand a product line
depreciation
accounts receivable turnover ratio
31. Customer value added by making a product available at a convenient time
balance sheet
Acquisition
time utility
Manufacturer
32. When a task is too time consuming for a manager to handle alone - he or she may ____.
Merger
accounts receivable
delegate the task
cause-related marketing
33. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
demographics
delegate the task
horizontal analysis
Procedure
34. 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)
direct marketing approach
Organizing
time utility
35. 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
Sexual Harassment
inside board members
liquidity ratios
Business Plan
36. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
database marketing
gross profit
social commerce
wants
37. Individuals or households that buy goods and services for personal use
Environmental Analysis
Natural monopoly
consumer market
a continuous-flow operating system
38. Making a product available at a convenient time
marketing strategy
Inflation
exchange process
time utility
39. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
stages in the life cycle of a product
capital budgeting
Corporation
direct marketing approach
40. The creation and sharing of product-related information among customers and potential customers
product line
social commerce
financial management
empowerment
41. Categorization of customers according to their geographical location
Limited Partner
geographic segmentation
skim pricing
Leadership
42. 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
Committee and Team Authority
Limited Partner
sales promotion approach
Ethics
43. Introducing a new product at a low price in hopes of building sales volume quickly
Maslow's hierarchy of needs
Multinational (or Transnational) Corporation
penetration pricing
marketing research
44. Nonsales communication that businesses have with their various audiences
Imperfect Competition
public relations
laissez-faire Leadership style
market segmentation
45. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
5 C's
Corporate Bond
factors that influence pricing decisions
place marketing
46. Exchange of value between parties
transaction
balance sheet
Unemployment
sales promotion
47. Direct communication other than personal sales contacts designed to effect a measurable response
Policy
return on investment
direct marketing
Processing
48. Making decisions without consulting anyone
quick ratio
Autocratic Leadership style
Audit
Custom Manufacturing
49. Physical products purchased by consumers for personal use
downsizing
trade allowance
Operations (Production) Management
Consumer Goods
50. Advertising intended to remind existing customers of a product's availability and benefits
financial plan
Benefits
Management Information System (MIS)
reminder advertising
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