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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. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on investment
selling expenses
theory y
Demand
2. Confusion results if a person reports to two people at once - according to ____.
unity of command
Management
trade promotions
owner's equity equation
3. Personal communication between a seller and one or more potential buyers
trademarks
Swot Analysis
Monopolistic competition
personal selling
4. 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
cognitive dissonance
Manufacturer
Whistle Blower
5. Law created by consistitution(s) or by federal - state - or local legislative acts
Mixed Management
Middle Manager
line organization
Statutory Law
6. Manager responsible for supervising the work of employees
First-Line Manager
marketing
Chain of Command
place marketing
7. Costs created in the process of generating revenues
news conference
place utility
expenses
types of utility
8. Alternative plans to be implemented if uncontrollable event occur
telemarketing
contingency plans
methods of finance for an expanding business
assets
9. Communications channels - such as newspapers - radio - and television
types of financial ratios
media
Authority
debt-to-equity ratio
10. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
accounts receivable
Sexual Harassment
Small Business Administration (SBA)
Maslow's hierarchy of needs
11. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Monopolistic Competition
direct marketing
brand loyalty
Natural monopoly
12. Continually adjusting prices to reflect changes in supply and demand
activity ratios
cognitive dissonance
dynamic pricing
customer buying behavior
13. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
Nepotism
Short-Term Goal
Business Plan
Centralized Organization
14. In bookkeeping - an increase in assets
European Union (EU)
line organization
credit
market segmentation
15. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
inventory turnover ratio
Recession
Unethical Behavior
European Union (EU)
16. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
public relations approach
factors that influence pricing decisions
marketing strategy
Intellectual Property
17. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
geographics
time utility
product
18. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
owner's equity equation
financial plan
loss-leader
19. Roles of shareholders - directors - and other managers in corporate decision making and accountability
credit
Extractor
Corporate Governance
financial management
20. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
function of packaging
Sarbanes-Oxley Act of 2002 (Sarbox)
Outcome-based ethics
Statutory Law
21. Formal agreement to set prices. Sometimes illegal - but is typically secretive
working capital
Board of Directors
cost of goods sold equation
Collusion
22. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
cognitive dissonance
capital budgeting
Telemarketing
management by objectives (MBO)
23. When organizations change raw materials into finished goods
downsizing
Retrenchment
form utility
brand managers
24. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Substitute Product
point-of-purchase display
Multinational (or Transnational) Corporation
specialty advertising
25. The collection and analysis of information for making marketing decisions
Corporate Strategy
marketing research
contingency plans
capital investments
26. Ratio between net income after taxes and net sales; also known as profit margin
activity ratios
return on sales
national brands
Delegation
27. Business costs that remain constant regardless of the number of units produced
organization behavior modification
Out-sourcing
Limited Liability Corporation (LLC)
fixed costs
28. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Services
Copyright
Safety
marketing mix
29. Advertising sent directly to potential customers - usually through the mail
financial control
direct mail
capital investments
social commerce
30. This law guards against false advertising.
depreciation
Import
Price Fixing
Wheeler-Lea Act of 1938
31. The movement of an economy from one condition to another and back again
Laws
social media
Swot Analysis
Business Cycle
32. Occurs when widespread price increases occur throughout an economic system
debt-to-total-assets ratio
Goals
Inflation
need
33. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
ways to expand a product line
marketing concept
loss-leader
steps in the strategic marketing planning process
34. Act of obtaining a desired object or services from another party by offering something of value in return
exchange process
strategic marketing planning
Decision-Making Skills
market
35. 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
Decision Making
Price Fixing
Policy
place utility
36. Online ads that are linked to search engine results or website content
search advertising
Industrial Goods
Autocratic Leadership style
Publicly Held (or Public) Corporation
37. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
break-even analysis
common pricing strategies
integrated marketing communications
accrual basis
38. 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
institutional advertising
Private enterprise
current ratio
Purpose of Strategic Planning
39. A leadership style where managers are less directive and involved employees in decision making
Strategic Management
Committee and Team Authority
psychographics
family branding
40. A large number of identical products are assembled using a continuous - efficient procedure
geographic segmentation
Mass Production
Real GDP
price elasticity
41. 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
generic products
Audit
Affirmative Action
fiscal year
42. Product made or grown domestically but sold abroad
Export
theory x
institutional advertising
place utility
43. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
news conference
Strategic Alliance
dynamic pricing
Goals
44. A business that is involvec with moving goods from producers to consumers
trade promotions
Marketer
methods of finance for an expanding business
cognitive dissonance
45. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
net income
return on equity ratio
Leading
Depression
46. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
psychographics
horizontal analysis
management by objectives (MBO)
liquidity ratios
47. Managers who develop and implement a complete strategy and marketing program for specific products or brands
widgets
current ratio
functional strategies
brand managers
48. An increase in liabilities
Marketer
accrual basis
debit
market
49. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
how companies learn about customer
Inflation
responsibility
Socialism
50. Physical products purchased by consumers for personal use
place marketing
categories of customer communication
Consumer Goods
marketing strategy
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