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Test your basic knowledge |
Business Fundamentals
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Subject
:
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. Transferring work to another country
objectives
Retrenchment
Out-sourcing
Manufacturer
2. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Monopoly
Centralized Organization
long-term liabilities
Organizational Chart
3. A business that is involvec with moving goods from producers to consumers
Marketer
consumer market
equity financing
Globalization
4. A forecast of financial requirements and the financing sources to be used
profitability ratios
financial plan
Mass Production
Business (or Competitive) Strategy
5. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
marketing research
Hostile Work Environment
line organization
need
6. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
price based pricing
types of utility
Unethical Behavior
Prosperity
7. Corporation whose stock is widely held and available for sale to the general public
Publicly Held (or Public) Corporation
brand names
Matrix Structures
Copyright
8. 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.
Mission Statement
Span of Control
Inflation
Demand
9. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
stealth marketing
Monopolistic competition
risks of product-line extensions
Mixed Management
10. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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11. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
Monopoly
Extension
Socialism
market segmentation
12. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
target markets
cost of goods sold equation
Quality
advertising approach
13. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
Ethical Behavior
Limited Partnership
statement of cash flows
Long-range or strategic planning
14. Process through which a manager allocates work to subordinates
utility
Delegation
maturity stage
possession utility
15. Stems from personal trust and respect members have for the leader
form utility
Identity Influence
strategic marketing planning
forecasting
16. 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
decision-making role
Goals
cost based pricing
utility
17. Assets = liabilities + owner's equity
long-term liabilities
auction
assets equation
news release
18. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
price
auction pricing
Short-Term Goal
accounts receivable
19. The union of two corporations to form a new corporation
Merger
activity ratios
Universal Product Codes
form utility
20. 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
brand extension
Exchange Rate
variable costs
schematic of marketing process
21. Use a brand name on a variety of related products
Decision Making
penetration pricing
family branding
profitability ratios
22. Acquiring funds by selling shares of a company's stock
equity financing
dynamic pricing
Substitute Product
Prime Rate
23. 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
Inflation
accounts receivable turnover ratio
liquidity ratios
Controlling
24. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Flat Organizational Structure
marketing concept
social media
Outcome-based ethics
25. 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
Small Business Administration (SBA)
loss-leader
Gross National Product (GNP)
depreciation
26. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
skim pricing
psychographics
Prime Rate
27. A sustained increase in the general level of prices
Inflation
Unlimited Liability
skim pricing
cognitive dissonance
28. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
consumer market
Manufacturer
Monopolistic competition
29. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
utility
Philosophy
financial control
30. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
Demand
rebates
working capital
database marketing
31. 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.
Democratic Leadership Style
Retrenchment
Theory Z
Outcome-based ethics
32. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
decision-making role
Decision-Making Skills
Monopoly
33. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
financial management
accounting equation
Depression
credit
34. Direct communication other than personal sales contacts designed to effect a measurable response
institutional advertising
Standard of Living
product life cycle
direct marketing
35. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
gross profit
Quality Control
wants
Quid Pro Quo Harassment
36. Large-scale production and distribution of a product
Quid Pro Quo Harassment
Limited Liability
commercialization
form utility
37. Difference of revenues - costs - and profit from the planned amounts.
Variance
double-entry bookkeeping
line organization
Business Plan
38. Selling or supporting the sales process over the telephone
product line
ratio analysis
telemarketing
Extractor
39. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Organization Chart
Telemarketing
Controlling
Leadership
40. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Prime Rate
Organizational Stakeholders
promotion
decline stage
41. Independent and well informed buyers and sellers of the exact same product (farmers markets)
close the books
fringe benefit
Pure Competition
debt-to-equity ratio
42. Small groups in the same work area that have scheduled meetings about problems and how to fix them
accounting equation
Capitalism
quality control circles
relationship marketing
43. Occurs when two companies form one corporation
distribution channels
Labor Relations
merger
Recession
44. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
empowerment
long-term liabilities
a continuous-flow operating system
Corporate Bond
45. All costs of operation that are not included under cost of goods sold
operating expenses
Supply
Service Business
Exchange Rate
46. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
Sarbanes-Oxley Act of 2002 (Sarbox)
European Union (EU)
transaction
Crisis Management
47. The creation and sharing of product-related information among customers and potential customers
Labor Union
social commerce
liquidity ratios
assume that all workers are content with their work
48. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
public relations
merger
Services
brand equity
49. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
inventory turnover ratio
negative reinforcement
Safety
50. Planned economic system in which the government owns and operates only selected major sources of production
growth stage
organization behavior modification
vertical analysis
Socialism
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