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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. Court-granted permission for a company to not pay some or all debts
Chain of Command
Recovery
Bankruptcy
methods of finance for an expanding business
2. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
trade allowance
Insider Trading
organizational market
Prime Rate
3. Customer value added by making a product available in a convenient location
types of financial ratios
Marketing
Goal
place utility
4. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
accounting equation
Depression
depreciation
job rotation
5. 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
Service Operations (Service Production)
why companies learn about customers so they can stay in touch with their current needs and wants
ways to expand a product line
penetration pricing
6. 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
Unlimited Liability
Recession
Restructuring
schematic of marketing process
7. Mechanism for exchange between buyers and sellers of a particular good or service
Identity Influence
Market
Demand
point-of-purchase display
8. When organizations change raw materials into finished goods
Universal Product Codes
form utility
Chain of Command
equity financing
9. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Operations (Production) Management
product advertising
revenues
working capital
10. Introductory stage - growth stage - maturity stage - decline stage
Publicly Held (or Public) Corporation
marketing
stages in the life cycle of a product
Sexual Harassment
11. Market or industry characterized by numerous small firms producing an identical product
form utility
Goods Operations (Goods Production)
Perfect competition
Business Plan
12. Skills in defining problems and selecting the best courses of action
Controlling
selling expenses
Decision-Making Skills
relationship marketing
13. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
Out-sourcing
Corporation
customer buying behavior
trade allowance
14. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Benefits
Pure Competition
management by objectives (MBO)
Statutory Law
15. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Autocratic Leadership style
objectives
calendar year
target markets
16. Assets = liabilities + owner's equity
price elasticity
current assets
assets equation
debt financing
17. Lots of leeway to workers to meet goals
factors that influence pricing decisions
Labor Relations
Quality
laissez-faire Leadership style
18. Senior company managers who serve on the company's board of directors are known as ____.
inside board members
budget
search advertising
selling expenses
19. 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
accounts receivable
inside board members
personal selling
20. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
organizational market
Organizational Chart
Unethical Behavior
depreciation
21. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
current ratio
Democratic Leadership Style
test marketing
demographics
22. Break-even point = fixed costs/ (selling price - variable costs per unit)
activity ratios
database marketing
break-even point equation
introductory stage
23. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
marketing research
Sexual Harassment
Outsourcing
marketing strategy
24. Portion of a brand that can be expressed orally - including letters - words - or numbers
market segmentation
quick ratio
brand names
Policy
25. The price of your nation's currency is in terms of another nation's currency
Exchange Rate
Business Plan
Publicly Held (or Public) Corporation
penetration pricing
26. Marketers focus on stimulating demand for the new product
introductory stage
Exchange Rate
news release
Expert Influence
27. The action of ensuring that operations produce products that meet specific quality standards
factors that influence pricing decisions
Services
Quality Control
Multinational (or Transnational) Corporation
28. A business that is involvec with moving goods from producers to consumers
job rotation
cognitive dissonance
Variance
Marketer
29. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
liabilities
certain disabilities and illnesses
Ethics
double-entry bookkeeping
30. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Market economy
personal sales approach
revenues
Short-range or operational planning
31. Unwelcome sexual advances in the workplace
empowerment
organization behavior modification
Sexual Harassment
Closely Held (or Private) Corporation
32. Loss of brand identity and the cannibalization of sales of other products in the product line
risks of product-line extensions
Identity Influence
Variance
Monopolistic Competition
33. Stems from personal trust and respect members have for the leader
Identity Influence
Restructuring
brand extension
Controlling
34. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
current ratio
psychographics
Quality
market segmentation
35. A large number of identical products are assembled using a continuous - efficient procedure
organization behavior modification
Mass Production
Globalization
Board of Directors
36. Applying a successful brand name to a new product category
Herzberg's two-factor theory
Wheeler-Lea Act of 1938
liquidity ratios
brand extension
37. Authority granted to committees or teams involved in a firm's daily operations
Recession
S Corporation
Committee and Team Authority
search advertising
38. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
geographics
positive reinforcement
Standard of Living
39. Manager responsible for implementing the strategies and working toward the goals set by top managers
forecasting
utility
Middle Manager
Prime Rate
40. The ability to get others to accoplish tasks because of the position the leader holds
brand
Sole Proprietership
Affirmative Action
Position Influence
41. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
communication mix
current assets
Bankruptcy
liquidity ratios
42. A leadership style where the manager is directive and controlling
Quid Pro Quo Harassment
Tactical Management
Wholesaler
Officers
43. Transferring work to another country
Affirmative Action
Out-sourcing
stages of product development
positive reinforcement
44. An increase in liabilities
Statutory Law
balance sheet
Prime Rate
debit
45. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
market segmentation
financial plan
Corporate Strategy
Decentralized Organization
46. Owner of shares of stock in a corporation
calendar year
product
brand extension
Stockholder (or Shareholder)
47. Difference of revenues - costs - and profit from the planned amounts.
contingency plans
European Union (EU)
Chain of Command
Variance
48. The purchase of one company by another
product
demographics
Acquisition
productivity - the success of the managers - and the morale of the other employees
49. 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
horizontal analysis
search advertising
cost based pricing
Small Business Administration (SBA)
50. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
positive reinforcement
decline stage
Wheeler-Lea Act of 1938