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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. 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
brand loyalty
family branding
Inflation
marketing research
2. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Private enterprise
grand strategies
Procedure
activity ratios
3. Electronic media that invite participation by the general public
Decision-Making Skills
social media
Labor Relations
Policy
4. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
positioning
market segmentation
Quid Pro Quo Harassment
market segmentation
5. Statement of a firm's financial position on a particular date; also known as a statement of financial position
forecasting
liquidity ratios
balance sheet
market segmentation
6. Payments other than wages or salaries - other benefits
cognitive dissonance
news conference
calendar year
fringe benefit
7. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
Supply Chain (Value Chain)
possession utility
factors that influence pricing decisions
steps in the strategic marketing planning process
8. Advertising designed to encourage customers to try new products or to switch brands
Operations (Production) Management
Corporation
persuasive advertising
organization behavior modification
9. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Certificate of Incorporation
Recovery
Capitalism
cash basis
10. Reporting relationships within a company
public relations
Goods Operations (Goods Production)
Chain of Command
Goals
11. When a task is too time consuming for a manager to handle alone - he or she may ____.
delegate the task
revenues
Mixed Management
Short-range or operational planning
12. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
fixed assets
equity financing
Top Manager
13. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
a continuous-flow operating system
Crisis Management
Workplace Diversity
positioning
14. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
return on sales
loss-leader
Nepotism
Venture Capital Company
15. The value that a company has built up in a brand
growth strategies
transaction
brand equity
types of financial ratios
16. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
Out-sourcing
Depression
World Trade Organization (WTO)
Quality Control
17. Objective that a business hopes and plans to achieve
owner's equity
Goal
Industrial Goods
objectives
18. Portion of a brand that cannot be expressed verbally
test marketing
brand mark
theory y
Substitute Product
19. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
break-even point
Organizing
Market
product
20. Group of small investors who invest money in companies with rapid growth potential
Corporation
Prosperity
market segmentation
Venture Capital Company
21. A sustained increase in the general level of prices
Inflation
factors that influence pricing decisions
behavioral segmentation
Substitute Product
22. Direct communication other than personal sales contacts designed to effect a measurable response
factors that influence pricing decisions
Monopolistic Competition
decline stage
direct marketing
23. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
dynamic pricing
Gross National Product (GNP)
Monopoly
24. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
Prosperity
Business Plan
growth strategies
Planning
25. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
trademarks
accounting equation
specialty advertising
profitability ratios
26. 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
Board of Directors
Affirmative Action
Tactical Management
Position Influence
27. All costs of operation that are not included under cost of goods sold
Unethical Behavior
persuasive advertising
operating expenses
Management
28. Advertising sent directly to potential customers - usually through the mail
loss-leader
direct mail
Unemployment
Business Ethics
29. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
function of packaging
Leadership
Middle Manager
marketing
30. Ratios that measure a firm's reliance on debt financing of its operations
product advertising
debt ratios
Monopolistic Competition
schematic of marketing process
31. Where products are conveniently placed for customers
fixed assets
organization behavior modification
place utility
quick ratio
32. Results from the leader's ability to give or withhold rewards
Reward Influence
Extractor
promotion
Telemarketing
33. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
brand mark
Prosperity
Labor Relations
Quality
34. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Marketer
Gross National Product (GNP)
Outsourcing
Quid Pro Quo Harassment
35. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
net income
premiums
liabilities
36. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Benefits
organizational market
financial management
institutional advertising
37. Larger visual and multimedia ads that appear on websites
skim pricing
Public Goods
mission statement
online display advertising
38. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
decline stage
Public Goods
brand managers
integrated marketing communications
39. Management process of guiding and motivating employees to meet an organization's objectives
Strategy
Leading
Three reasons nations trade
5 C's
40. A large number of identical products are assembled using a continuous - efficient procedure
commercialization
growth through direction state
Mass Production
Matrix Structures
41. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
vertical analysis
General Partnership
return on sales
Information Technology (IT)
42. Occurs when widespread price increases occur throughout an economic system
calendar year
Inflation
debt ratios
Small Business Administration (SBA)
43. Claims against a firm's assets by creditors - such as banks and suppliers
liabilities
Leadership Style
Labor Productivity
Convenience Good/Convenience Service
44. A short - specific written statement of the reason a business exists and what it wants to achieve.
skim pricing
Service Business
mission statement
Industrial Goods
45. This level of management includes department heads and district sales managers.
Operations (Production) Management
database marketing
customer buying behavior
middle management
46. Characteristic of decentralized companies with relatively few layers of management
Flat Organizational Structure
grand strategies
Authority
trade allowance
47. Obligations that must be next within a year
cost based pricing
current liabilities
brand
Purchasing Power Party
48. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
persuasive advertising
Out-sourcing
Long-range or strategic planning
49. Partnership between two or more companies to closely link their brand names together for a single product
Multinational (or Transnational) Corporation
skim pricing
co-branding
authority
50. Systems for moving goods and services from producers to customers; also known as marketing channels
functional strategies
laissez-faire Leadership style
distribution channels
theory y