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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. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
variable costs
Small Business Administration (SBA)
Export
Long-range or strategic planning
2. Industry in which one company can most efficiently supply all needed goods or services
brand names
direct mail
debt-to-equity ratio
Natural monopoly
3. Selling method in which the price is set by customers bidding against each other
Operations (Production) Management
ways to expand a product line
auction
Sexual Harassment
4. A business that is involvec with moving goods from producers to consumers
decline stage
Marketer
psychographics
Demand
5. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
debt-to-total-assets ratio
telemarketing
Strategy
geographics
6. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
Service Operations (Service Production)
accrual basis
Retrenchment
Custom Manufacturing
7. Business owned and usually operated by one person who is responsible for all its debts
Quality Control
Insider Trading
Centralized Organization
Sole Proprietership
8. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Theory Z
Position Influence
Goods Operations (Goods Production)
fixed assets
9. Product made or grown domestically but sold abroad
Controlling
Public Goods
Export
Business Plan
10. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
function of labels
vertical analysis
brand equity
Merger
11. Business costs that remain constant regardless of the number of units produced
unity of command
fixed costs
growth strategies
family branding
12. Brands that have been given legal protection so that their owners have exclusive rights to their use
promotion
trademarks
social commerce
Limited Partner
13. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
Corporation
social media approach
break-even point equation
factors that influence pricing decisions
14. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
point-of-purchase display
market
customer service
close the books
15. Acquiring funds through borrowing
transaction
debt financing
responsibility
Business Plan
16. Physical products purchased by companies to produce other products
advertising approach
Industrial Goods
positive reinforcement
Capitalism
17. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
cost of goods sold equation
Services
positioning
18. 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
Human Resource Management (HRM)
job rotation
liquidity ratios
Centralized Organization
19. Corporation whose stock is held by only a few people and is not available for sale to the general public
Outcome-based ethics
Closely Held (or Private) Corporation
Limited Partnership
trade allowance
20. Product - price - distribution - customer communication
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21. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
stealth marketing
debt-to-total-assets ratio
North American Free Trade Agreement (NAFTA)
Labor Union
22. Group of small investors who invest money in companies with rapid growth potential
Venture Capital Company
categories of customer communication
Monopoly
growth strategies
23. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
market segmentation
types of utility
Middle Manager
Organizing
24. The four key elements of marketing strategy: product - price - distribution - and promotion
laissez-faire Leadership style
search advertising
marketing mix
market segmentation
25. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
ways to expand a product line
rebates
Policy
26. Process of converting government enterprises into privately owned companies
capital budgeting
consumer market
coupons
Privatization
27. 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
integrated marketing communications
Purpose of Strategic Planning
social media
Recession
28. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
specialty advertising
profitability ratios
Standard of Living
29. This law guards against false advertising.
online display advertising
Joint Venture
Information Technology (IT)
Wheeler-Lea Act of 1938
30. Where products are conveniently placed for customers
point-of-purchase display
place utility
Operations (Production) Management
psychographics
31. An extra amount of time granted to a party to make a payment
Extension
Recession
discount pricing
advertising
32. Process of dealing with employees who are represented by a union
European Union (EU)
Affirmative Action
Labor Relations
equity financing
33. Elimination of rules that restrict business activity
Deregulation
Publicly Held (or Public) Corporation
Quality
Copyright
34. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
skim pricing
activity ratios
cost based pricing
market segmentation
35. The company founder is no longer solely responsible for all decision making during the ____.
accounts receivable
growth through direction state
Acquisition
cash basis
36. Personal communication between a seller and one or more potential buyers
debt-to-equity ratio
Chain of Command
Price Fixing
personal selling
37. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Matrix Structures
current ratio
Globalization
general expenses
38. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
word of mouth
Intellectual Property
Joint Venture
39. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
Stockholder (or Shareholder)
quick ratio
license
40. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
Audit
brand names
authority
auction pricing
41. Skills in defining problems and selecting the best courses of action
Business Cycle
brand loyalty
Decision-Making Skills
positioning
42. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
cost of goods sold equation
premiums
horizontal analysis
cost based pricing
43. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
merger
Audit
Collusion
opportunity cost
44. A group of customer who need or want a particular product and have the money to buy it
market
permission-based marketing
European Union (EU)
Extension
45. Product made or grown abroad but sold domestically
growth stage
middle management
Import
demographics
46. Power to make the decisions necessary to complete a task
Contingent Worker
Wheeler-Lea Act of 1938
Authority
Unemployment
47. When organizations change raw materials into finished goods
Standard of Living
form utility
owner's equity equation
Marketer
48. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
long-term liabilities
negative reinforcement
Insider Trading
49. Making decisions without consulting anyone
Marketing
Strategy
Autocratic Leadership style
maturity stage
50. Amounts that are currently due to a company
promotional strategy
penetration pricing
responsibility
accounts receivable