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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. Ratios that measure the effectiveness of the firm's use of its resources
liabilities
Organizational Chart
activity ratios
steps in the strategic marketing planning process
2. 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
skim pricing
earnings per share
quick ratio
Audit
3. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Nepotism
stages in the life cycle of a product
customer buying behavior
function of packaging
4. External statistical descriptors such as age - income - gender - and profession
certain disabilities and illnesses
demographics
geographics
quality control circles
5. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Divestiture
Marketer
news release
Purchasing Power Party
6. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Socialism
Prime Rate
management by objectives (MBO)
growth stage
7. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Depression
Organizational Structure
point-of-purchase display
Functional Strategy
8. Skills in defining problems and selecting the best courses of action
contract
quick ratio
liquidity ratios
Decision-Making Skills
9. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
stealth marketing
private brands
First-Line Manager
penetration pricing
10. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
downsizing
Audit
Officers
fiscal year
11. Measures income earned on owners' investment - formula: Net income/total owners' equity
return on equity ratio
maturity stage
premiums
product mix
12. Portion of a brand that cannot be expressed verbally
brand mark
brand names
place utility
earnings per share
13. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
unity of command
Small Business Administration (SBA)
Functional Strategy
product mix
14. A forecast of financial requirements and the financing sources to be used
Committee and Team Authority
financial plan
Short-Term Goal
Leadership Style
15. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Pure Competition
marketing strategy
assets
Swot Analysis
16. 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
Controlling
Purpose of Strategic Planning
Labor Relations
Closely Held (or Private) Corporation
17. A business firm that does things for you instead of making or makerting products
Philosophy
authority
private brands
Service Business
18. The ability to carry out a task
Benefits
Limited Partnership
accrual basis
authority
19. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Variance
Oligopoly
generic products
Monopoly
20. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Limited Liability
word of mouth
Expert Influence
direct marketing
21. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
promotional strategy
Marketing
point-of-purchase display
22. The creation and sharing of product-related information among customers and potential customers
Decentralized Organization
target markets
social commerce
Standard of Living
23. Stems from personal trust and respect members have for the leader
Oligopoly
budget
capital investments
Identity Influence
24. Independent and well informed buyers and sellers of the exact same product (farmers markets)
bundling
Chain of Command
Pure Competition
Industrial Goods
25. Discount offered by producers to wholesalers and retailers
Herzberg's two-factor theory
Multinational (or Transnational) Corporation
trade allowance
Nepotism
26. Formal agreement to set prices. Sometimes illegal - but is typically secretive
database marketing
Identity Influence
marketing research
Collusion
27. Characteristic of decentralized companies with relatively few layers of management
productivity - the success of the managers - and the morale of the other employees
permission-based marketing
market share
Flat Organizational Structure
28. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
limitations of marketing research
organizational market
marketing research
Business Plan
29. Vying among businesses for the same resources or customers
categories of customer communication
Competition
limitations of marketing research
current assets
30. Categorization of customers according to their geographical location
operating expenses
geographic segmentation
function of labels
penetration pricing
31. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Chain of Command
Market economy
primary factors of market segmentation
Services
32. Body of decisions handed down by courts ruling on individual cases
return on equity ratio
Decentralized Organization
ways to expand a product line
Common Law
33. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
long-term liabilities
Work Specialization
form utility
form utility
34. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
Business Cycle
Business Plan
Privatization
35. The value that a company has built up in a brand
Hostile Work Environment
decline stage
brand equity
primary factors of market segmentation
36. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
news conference
Monopolistic Competition
market segmentation
brand
37. Partnership between two or more companies to closely link their brand names together for a single product
General Partnership
co-branding
Chain of Command
premiums
38. In bookkeeping - an increase in assets
Laws
Price Fixing
credit
Socialism
39. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
organization behavior modification
Unlimited Liability
distribution channels
40. Marketers focus on stimulating demand for the new product
quality control circles
steps in the strategic marketing planning process
introductory stage
Limited Partnership
41. Online ads that are linked to search engine results or website content
promotion
Authority
search advertising
trade promotions
42. 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
Retrenchment
ways to expand a product line
penetration pricing
Middle Manager
43. Illegal practice of using special knowledge about a firm for profit or gain
Stockholder (or Shareholder)
brand names
Insider Trading
Leadership Style
44. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
telemarketing
organizational market
public relations approach
geodemographics
45. A series of related products offered by a firm
product line
expenses
Goals
market segmentation
46. Any 12 consecutive months used as an accounting period
fiscal year
Environmental Analysis
empowerment
long-term liabilities
47. The quantity of a good that an average worker can produce in an hour
loss-leader
need
Labor Productivity
break-even analysis
48. This level of management includes department heads and district sales managers.
steps in the strategic marketing planning process
middle management
permission marketing
Three reasons nations trade
49. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
marketing mix
Consumer Goods
statement of cash flows
media
50. Corporation whose stock is held by only a few people and is not available for sale to the general public
Specialty Good/Specialty Service
Span of Control
Quality Control
Closely Held (or Private) Corporation