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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. Goal set for an extended time - typically 5 years or more in the future
Management Information System (MIS)
Long-Term Goal
Marketer
debt financing
2. Introducing a new product at a low price in hopes of building sales volume quickly
Laws
methods of finance for an expanding business
penetration pricing
Decision-Making Skills
3. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Organizational Stakeholders
Physical Distribution
stages in the life cycle of a product
Matrix Structures
4. When organizations change raw materials into finished goods
Industrial Goods
Export
fiscal year
form utility
5. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
promotional strategy
Outcome-based ethics
Outsourcing
Gross Domestic Product (GDP)
6. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Long-Term Goal
form utility
Monopolistic competition
fixed costs
7. 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
Middle Manager
Extension
mission statement
Gross National Product (GNP)
8. The ability to get others to accoplish tasks because of the position the leader holds
premiums
institutional advertising
Position Influence
Market economy
9. Power of a good or services to satisfy a human need
brand equity
function of packaging
utility
elements of a company's marketing mix
10. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
delegate the task
depreciation
Consumer Goods
responsibilities of a financial manager
11. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
product life cycle
Recession
social media approach
geographic segmentation
12. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
authority
Purpose of Strategic Planning
reminder advertising
product
13. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
market segmentation
debit
push strategy
Committee and Team Authority
14. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
customer buying behavior
social commerce
ratio analysis
Outcome-based ethics
15. Sales volume at a given price that will cover all of a company's costs
break-even point
Long-range or strategic planning
Divestiture
utility
16. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
media
behavioral segmentation
Depression
pull strategy
17. 12 month accounting period that begins on January 1 and ends on December 31
Prosperity
market segmentation
Position Influence
calendar year
18. 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
productivity - the success of the managers - and the morale of the other employees
Import
return on sales
Policy
19. Ratios that measure a firm's reliance on debt financing of its operations
debt ratios
Custom Manufacturing
Quality Control
product mix
20. All the operating expenses associated with marketing goods or services
Certificate of Incorporation
net income
selling expenses
budget
21. The creation and sharing of product-related information among customers and potential customers
widgets
credit
function of labels
social commerce
22. Agreement to produce and market another company's product in exchange for a royalty or fee
Processing
break-even point equation
Human Resource Management (HRM)
license
23. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
return on sales
word of mouth
Inflation
Three reasons nations trade
24. Ratios that measure the overall financial performance of a firm- include return on sales - return on investment - and earnings per share
product line
depreciation
geodemographics
profitability ratios
25. Product made or grown domestically but sold abroad
laissez-faire Leadership style
break-even point
Export
accounts payable
26. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
introductory stage
direct mail
Labor Relations
budget
27. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
activity ratios
Privatization
marketing mix
28. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Safety
market segmentation
Market
activity ratios
29. Exchange of value between parties
transaction
co-branding
revenues
Quality
30. A group of customer who need or want a particular product and have the money to buy it
Insider Trading
Venture Capital Company
market
Planning
31. Motivator and hygiene factors need to be met to prevent dissatisfaction
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32. Informal work groups can affect ____.
debt-to-equity ratio
Patent
growth through direction state
productivity - the success of the managers - and the morale of the other employees
33. Sales promotion aimed at final consumers
consumer promotion
Statutory Law
social media approach
trade promotions
34. Alternative plans to be implemented if uncontrollable event occur
Multinational (or Transnational) Corporation
activity ratios
Merger
contingency plans
35. Obligation employees have to their manager for the successful completion of an assigned task
brand mark
function of labels
Accountability
loss-leader pricing
36. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Human Resource Management (HRM)
limitations of marketing research
Marketer
Corporate Governance
37. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
Corporate Strategy
Outcome-based ethics
General Partnership
Variance
38. 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.
Span of Control
product advertising
marketing mix
financial plan
39. The ability to carry out a task
Globalization
accounting equation
authority
job rotation
40. Customer value added by making a product available in a convenient location
Accountability
push strategy
place utility
financial control
41. Elimination of rules that restrict business activity
decline stage
Deregulation
Strategic Alliance
Operations (Production) Management
42. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
Prime Rate
product advertising
promotion
43. Business costs that increase with the number of units produced
Monopoly
direct mail
variable costs
Workplace Diversity
44. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Hostile Work Environment
Unemployment
Short-Term Goal
price based pricing
45. Being accountable or being able to justify an action
media
growth strategies
decline stage
responsibility
46. A business that is involvec with moving goods from producers to consumers
Marketer
Identity Influence
Business Cycle
General Partnership
47. Business owned and usually operated by one person who is responsible for all its debts
Recession
strategic marketing planning
Long-Term Goal
Sole Proprietership
48. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Herzberg's two-factor theory
Strategic Alliance
working capital
Corporate Governance
49. The willingness and ability of buyers to purchase a good or service
Reward Influence
Demand
sales promotion approach
cost of goods sold equation
50. Process of converting government enterprises into privately owned companies
activity ratios
Chain of Command
a continuous-flow operating system
Privatization