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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. When organizations change raw materials into finished goods
demographics
debt-to-equity ratio
form utility
risks of product-line extensions
2. Physical products purchased by consumers for personal use
General Partnership
Consumer Goods
skim pricing
assets
3. Partnership between two or more companies to closely link their brand names together for a single product
coupons
relationship marketing
Committee and Team Authority
co-branding
4. An extra amount of time granted to a party to make a payment
Controlling
Whistle Blower
Extension
Out-sourcing
5. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
social media
distribution channels
cost based pricing
auction pricing
6. The four key elements of marketing strategy: product - price - distribution - and promotion
Herzberg's two-factor theory
marketing mix
communication mix
Universal Product Codes
7. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Depression
geodemographics
Leadership
authority
8. 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
responsibilities of a financial manager
Supply Chain (Value Chain)
Mass Production
function of labels
9. Managers and workers cooperating as a team
public relations approach
Democratic Leadership Style
benchmarking
Custom Manufacturing
10. The willingness and ability of producers to offer a good or service for sale
stages in the life cycle of a product
Supply
Consumer Goods
Prosperity
11. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
schematic of marketing process
auction
ratio analysis
debt-to-total-assets ratio
12. Process by which the world is becoming a single interdependent system
product mix
Operations (Production) Management
Divestiture
Globalization
13. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
retained earnings
opportunity cost
co-branding
Position Influence
14. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Globalization
co-branding
Limited Liability
Leadership Style
15. Somethings needed by a community and provided by its government
brand names
Accountability
Quid Pro Quo Harassment
Public Goods
16. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
product line
marketable securities
Marketing
place marketing
17. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Leadership Style
Chain of Command
Industrial Goods
advertising
18. The amount of money charged for a product or service
point-of-purchase display
operating expenses
price
Chief Executive Officer (CEO)
19. Strategies developed and implemented by managers in marketing - operations - human resources - finance - and other departments
Venture Capital Company
Globalization
functional strategies
Mixed Management
20. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Manufacturer
Functional Strategy
Goods Operations (Goods Production)
dynamic pricing
21. The creation and sharing of product-related information among customers and potential customers
Statutory Law
marketing mix
variable costs
social commerce
22. A business that is involvec with moving goods from producers to consumers
Policy
Limited Liability Corporation (LLC)
Marketer
Chain of Command
23. The collection and analysis of information for making marketing decisions
how companies learn about customer
target markets
Regulatory (Administrative) Law
marketing research
24. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
Labor Relations
skim pricing
Natural monopoly
Prosperity
25. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
objectives
Intellectual Property
mission statement
26. Occurs when two companies form one corporation
merger
responsibility
skim pricing
Demand
27. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
financial plan
growth through direction state
schematic of marketing process
brand mark
28. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
Deregulation
demographics
Policy
debt-to-equity ratio
29. 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
Board of Directors
quick ratio
long-term liabilities
expenses
30. Small software programs that provide part of the functionality of a website
Corporation
widgets
marketing
private brands
31. The combined use of tactical and strategic management
ways to expand a product line
net income
Mixed Management
price
32. Money paid to acquire something of permanent value in a business
capital investments
corporate strategies
middle management
decision-making role
33. A measure of the sensitivity of demand to changes in price
Business (or Competitive) Strategy
price elasticity
Monopoly
Recovery
34. Positive reinforcement - negative reinforcement - punishment
Top Manager
Ethical Behavior
Variance
organization behavior modification
35. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Committee and Team Authority
integrated marketing communications
capital investments
customer buying behavior
36. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
marketing research
institutional advertising
personal sales approach
Ethical Behavior
37. Offering several products for a single price that is presumably lower than the total of the products' individual prices
bundling
penetration pricing
responsibility
Procedure
38. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
Labor Union
cost based pricing
public relations approach
Prosperity
39. Manager responsible for implementing the strategies and working toward the goals set by top managers
Centralized Organization
Patent
Mission Statement
Middle Manager
40. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Unemployment
Service Operations (Service Production)
benchmarking
Outsourcing
41. Activities producing intangible and tangible products - such as entertainment - transportation - and education
trade promotions
Gross National Product (GNP)
Service Operations (Service Production)
Market
42. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
geographics
balance sheet
management by objectives (MBO)
Monopoly
43. Ratio between net income after taxes and net sales; also known as profit margin
price
Ethics
return on sales
European Union (EU)
44. Promotional campaigns that send information only to those people who've specifically asked to receive it
place utility
Maslow's hierarchy of needs
permission marketing
factors that influence pricing decisions
45. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
generic products
S Corporation
balance sheet
Processing
46. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Recession
Business (or Competitive) Strategy
Management
Telemarketing
47. Management process of guiding and motivating employees to meet an organization's objectives
retained earnings
loss-leader pricing
unity of command
Leading
48. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
demographics
trademarks
fixed costs
Ethical Behavior
49. Location
geographics
Service Business
national brands
owner's equity equation
50. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Three reasons nations trade
coupons
steps in the strategic marketing planning process
specialty advertising