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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. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
decline stage
it produces the greatest amount of good for the greatest number
public relations
commercialization
2. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Telemarketing
operating expenses
Goal
advertising
3. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
middle management
test marketing
need
Chain of Command
4. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
advertising
a continuous-flow operating system
break-even point equation
Organizing
5. The process of comparing an organization's products or services and processes with those of another companies
Sexual Harassment
Chief Executive Officer (CEO)
benchmarking
time utility
6. Reporting relationships within a company
cost of goods sold
General (Active) Partner
Chain of Command
activity ratios
7. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Organization Chart
Nepotism
coupons
retained earnings
8. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
cost based pricing
social media approach
maturity stage
Multinational (or Transnational) Corporation
9. A short - specific written statement of the reason a business exists and what it wants to achieve.
mission statement
First-Line Manager
Flat Organizational Structure
Insider Trading
10. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Organizational Chart
objectives
Intellectual Property
assume that all workers are content with their work
11. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
positioning
financial control
price
product mix
12. Statement of a firm's financial position on a particular date; also known as a statement of financial position
Statutory Law
balance sheet
reminder advertising
liabilities
13. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
public relations
Tactical Management
Purpose of Strategic Planning
geodemographics
14. Small software programs that provide part of the functionality of a website
Crisis Management
Human Resource Management (HRM)
point-of-purchase display
widgets
15. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
Controlling
cause-related marketing
Stockholder (or Shareholder)
16. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
communication mix
grand strategies
integrated marketing communications
Environmental Analysis
17. Mechanism for exchange between buyers and sellers of a particular good or service
types of utility
Span of Control
Regulatory (Administrative) Law
Market
18. The collection and analysis of information for making marketing decisions
promotion
target markets
marketing research
auction
19. Products characterized by a plain label - with no advertising and no brand name
market segmentation
price elasticity
generic products
Long-range or strategic planning
20. 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
Consumer Goods
revenues
Position Influence
quick ratio
21. A series of related products offered by a firm
Standard of living
reminder advertising
product line
factors that influence pricing decisions
22. The quantity of a good that an average worker can produce in an hour
return on sales
Business Ethics
Labor Productivity
functional strategies
23. Making a product available at a convenient time
form utility
advertising approach
direct mail
time utility
24. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
opportunity cost
a continuous-flow operating system
Common Law
Bankruptcy
25. Process of converting government enterprises into privately owned companies
Service Business
price
assets
Privatization
26. A measure of the sensitivity of demand to changes in price
revenues
price elasticity
break-even analysis
Corporate Strategy
27. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
unity of command
North American Free Trade Agreement (NAFTA)
Gross Domestic Product (GDP)
co-branding
28. Partnership between two or more companies to closely link their brand names together for a single product
Labor Union
Sole Proprietership
co-branding
media
29. Creating a flatter organization structure normally cutting out middle management
downsizing
growth stage
current assets
permission-based marketing
30. The act of transferring net revenue and expense account balances to retained earnings for the period
laissez-faire Leadership style
close the books
working capital
Short-range or operational planning
31. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Depression
Organizational Stakeholders
Price Fixing
auction pricing
32. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
Unlimited Liability
Work Specialization
Deregulation
Supply Chain (Value Chain)
33. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
assets equation
market segmentation
marketable securities
Strategy
34. Advertising sent directly to potential customers - usually through the mail
Human Resource Management (HRM)
fixed costs
direct mail
stealth marketing
35. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Recession
accounts receivable
Oligopoly
Quality
36. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
double-entry bookkeeping
media
capital investments
37. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
decision-making role
pull strategy
Long-Term Goal
38. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
media
gross profit
Business (or Competitive) Strategy
39. Stems from personal trust and respect members have for the leader
Identity Influence
SWOT analysis
direct marketing approach
personal sales approach
40. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
marketing mix
Specialty Good/Specialty Service
Unethical Behavior
price based pricing
41. People are lazy
theory x
Depression
Purpose of Strategic Planning
Organizational Structure
42. Delegating more power to employees
authority
return on sales
Labor Productivity
empowerment
43. An increase in liabilities
financial management
North American Free Trade Agreement (NAFTA)
Public Goods
debit
44. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
Democratic Leadership Style
private brands
Business Ethics
45. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
public relations
Human Resource Management (HRM)
demographics
Decision Making
46. Obligation employees have to their manager for the successful completion of an assigned task
Sexual Harassment
Accountability
Unethical Behavior
quick ratio
47. 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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48. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
place utility
Limited Partnership
organizational market
Demand
49. Physical products purchased by companies to produce other products
Chain of Command
decline stage
Delegation
Industrial Goods
50. All the operating expenses associated with marketing goods or services
selling expenses
Board of Directors
growth stage
Chain of Command