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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. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
owner's equity
Joint Venture
Standard of Living
communication mix
2. The purchase of one company by another
Acquisition
media
steps in the strategic marketing planning process
exchange process
3. Court-granted permission for a company to not pay some or all debts
productivity - the success of the managers - and the morale of the other employees
Bankruptcy
Closely Held (or Private) Corporation
Market
4. Delegating more power to employees
5 C's
owner's equity equation
brand equity
empowerment
5. 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
Recession
positioning
liabilities
Standard of Living
6. Free or bargain-priced items offered to encourage customers to buy a product
premiums
institutional advertising
exchange process
discount pricing
7. Transferring work to another country
Substitute Product
primary factors of market segmentation
place utility
Out-sourcing
8. Portion of a brand that cannot be expressed verbally
Privatization
Custom Manufacturing
brand mark
Multinational (or Transnational) Corporation
9. An increase in liabilities
ways to expand a product line
debit
return on sales
Expert Influence
10. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
SWOT analysis
double-entry bookkeeping
break-even point
fixed costs
11. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
target markets
primary factors of market segmentation
common pricing strategies
Accountability
12. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
Recovery
Unlimited Liability
time utility
certain disabilities and illnesses
13. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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14. Markets focus on increasing the product's market share
Extractor
Maslow's hierarchy of needs
growth stage
unity of command
15. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Strategic Management
operating expenses
accounts receivable turnover ratio
unity of command
16. Ratio between net income after taxes and net sales; also known as profit margin
Quality Control
return on sales
contract
forecasting
17. The process of comparing an organization's products or services and processes with those of another companies
price
benchmarking
sales promotion approach
owner's equity
18. Product made or grown abroad but sold domestically
Acquisition
Import
Audit
institutional advertising
19. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
push strategy
Telemarketing
Closely Held (or Private) Corporation
media
20. Brands owned by the manufacturers and distributed nationally
direct mail
target markets
3 Economic Role
national brands
21. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Chain of Command
Corporate Bond
functional strategies
steps in the strategic marketing planning process
22. Activities producing tangible products such as radios - newspapers - buses and textbooks
grand strategies
Goods Operations (Goods Production)
market
personal selling
23. Online ads that are linked to search engine results or website content
debit
search advertising
assets equation
function of packaging
24. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
Workplace Diversity
consumer market
Chain of Command
25. Strategy in which two or more organizations collaborate on a project for mutual gain
brand names
integrated marketing communications
relationship marketing
Strategic Alliance
26. Confusion results if a person reports to two people at once - according to ____.
risks of product-line extensions
Gross Domestic Product (GDP)
unity of command
Prosperity
27. Expensive - rarely purchased good or service
Specialty Good/Specialty Service
maturity stage
marketing concept
Chain of Command
28. Good or service used as the basis of commerce
Capitalism
Venture Capital Company
Standard of Living
product
29. Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment
specialty advertising
Limited Partner
financial management
social commerce
30. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Organizational Stakeholders
public relations approach
return on investment
marketing strategy
31. Corporation whose stock is widely held and available for sale to the general public
Theory Z
Short-range or operational planning
Publicly Held (or Public) Corporation
Purpose of Strategic Planning
32. Skills in defining problems and selecting the best courses of action
stages in the life cycle of a product
Decision-Making Skills
market segmentation
Franchise
33. Offering a temporary reduction in price
Closely Held (or Private) Corporation
net income
discount pricing
Planning
34. 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
Retailer
budget
Closely Held (or Private) Corporation
marketing research
35. A business that grows products or takes raw material from nature
North American Free Trade Agreement (NAFTA)
Extractor
accounts receivable turnover ratio
Accountability
36. A document - generally issued by a state government - giving permission to start a corporation
Certificate of Incorporation
unity of command
Telemarketing
Monopoly
37. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
Extension
market segmentation
Tall Organizational Structure
types of utility
38. Business owned and usually operated by one person who is responsible for all its debts
owner's equity
social commerce
Sole Proprietership
discount pricing
39. Occurs when two companies form one corporation
Tall Organizational Structure
Board of Directors
merger
permission marketing
40. A measure of the sensitivity of demand to changes in price
stages in the life cycle of a product
Authority
price elasticity
Privatization
41. Unwelcome sexual advances in the workplace
time utility
Sexual Harassment
Monopoly
penetration pricing
42. Assets = liabilities + owner's equity
accounting equation
contract
Insider Trading
cost of goods sold equation
43. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
selling expenses
balance sheet
psychographics
Organizational Structure
44. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
auction pricing
financial plan
Outsourcing
Leadership Style
45. Individuals or households that buy goods and services for personal use
Contingent Worker
consumer market
sales promotion
positive reinforcement
46. Location
Closely Held (or Private) Corporation
Capitalism
geographics
Statutory Law
47. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
debit
North American Free Trade Agreement (NAFTA)
Copyright
psychographics
48. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Monopolistic Competition
Limited Liability Corporation (LLC)
word of mouth
marketing concept
49. Law created by consistitution(s) or by federal - state - or local legislative acts
Unlimited Liability
Statutory Law
utility
accounts receivable
50. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
ways to expand a product line
Real GDP
accounts receivable turnover ratio
Organizational Stakeholders