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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. Partnership between two or more companies to closely link their brand names together for a single product
geographics
steps in the strategic marketing planning process
Monopolistic competition
co-branding
2. Top manager who is responsible for the overall performance of a corporation
product advertising
license
Chief Executive Officer (CEO)
media
3. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
accounts receivable
target markets
Operations (Production) Management
Prosperity
4. Stocks - bonds - and other investments that can be turned into cash quickly
marketable securities
Safety
Policy
Manufacturer
5. A business that is involvec with moving goods from producers to consumers
financial management
vertical analysis
skim pricing
Marketer
6. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
Unemployment
personal sales approach
trade promotions
Market
7. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
market share
Imperfect Competition
Chain of Command
Competition
8. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
unity of command
bundling
social media approach
Gross Domestic Product (GDP)
9. A detailed series of related steps or tasks written to implement a policy is called a ____.
Marketing
Procedure
coupons
direct mail
10. Court-granted permission for a company to not pay some or all debts
Bankruptcy
skim pricing
unity of command
strategic marketing planning
11. A prolonged and deep recession
inventory turnover ratio
bundling
Depression
current liabilities
12. 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
Market
Tactical Management
Limited Liability Corporation (LLC)
13. Reporting relationships within a company
steps in the strategic marketing planning process
Restructuring
Chain of Command
Import
14. Authority granted to committees or teams involved in a firm's daily operations
customer service
geodemographics
Committee and Team Authority
market
15. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
Goods Operations (Goods Production)
primary factors of market segmentation
brand equity
strategic marketing planning
16. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
cash basis
generic products
Environmental Analysis
Industrial Goods
17. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
cause-related marketing
push strategy
Private enterprise
Capitalism
18. Power of a good or services to satisfy a human need
Tall Organizational Structure
positive reinforcement
Inflation
utility
19. Bar codes on product packages that provide information read by optical scanners
Depression
Universal Product Codes
accounts receivable
Venture Capital Company
20. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
database marketing
product life cycle
advertising approach
grand strategies
21. 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
Monopoly
news conference
capital budgeting
Purpose of Strategic Planning
22. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
inventory turnover ratio
Audit
Oligopoly
national brands
23. 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
marketing research
premiums
decline stage
Regulatory (Administrative) Law
24. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
it produces the greatest amount of good for the greatest number
Limited Partner
permission-based marketing
25. Offering a temporary reduction in price
cost based pricing
Wheeler-Lea Act of 1938
discount pricing
license
26. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
Merger
merger
Labor Union
27. Postsales reductions in price - must be applied for by the purchaser
Publicly Held (or Public) Corporation
rebates
Philosophy
Supply
28. Confusion results if a person reports to two people at once - according to ____.
Management
price elasticity
Corporation
unity of command
29. Power to make the decisions necessary to complete a task
Purchasing Power Party
Authority
ratio analysis
Oligopoly
30. profitability - liquidity - activities - and leverage/debt
Officers
cash basis
types of financial ratios
risks of product-line extensions
31. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
methods of finance for an expanding business
Collusion
product life cycle
Universal Product Codes
32. Making decisions without consulting anyone
Real GDP
Autocratic Leadership style
downsizing
quality control circles
33. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
theory y
a continuous-flow operating system
advertising
Environmental Analysis
34. Activities producing tangible products such as radios - newspapers - buses and textbooks
Goods Operations (Goods Production)
Standard of Living
Collusion
Committee and Team Authority
35. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Information Technology (IT)
product life cycle
stages of product development
demographics
36. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
factors that influence pricing decisions
Work Specialization
direct marketing
Monopolistic Competition
37. Process by which the world is becoming a single interdependent system
Globalization
break-even analysis
communication mix
double-entry bookkeeping
38. Complete list of all products that a company offers for sale
auction
personal sales approach
Business Cycle
product mix
39. Organization for economic - social - and security cooperation among European nations
European Union (EU)
Manufacturer
national brands
Custom Manufacturing
40. The willingness and ability of buyers to purchase a good or service
Demand
demographics
Limited Partnership
steps in the strategic marketing planning process
41. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
Joint Venture
Short-range or operational planning
Theory Z
42. Current assets minus current liabilities
inventory turnover ratio
Information Technology (IT)
social media approach
working capital
43. In a ____ authority originates at the top and moves downward in a line.
line organization
search advertising
Contingent Worker
Import
44. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
Board of Directors
fixed assets
generic products
45. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
institutional advertising
Closely Held (or Private) Corporation
Purpose of Strategic Planning
double-entry bookkeeping
46. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
news release
variable costs
owner's equity equation
Corporate Strategy
47. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
it produces the greatest amount of good for the greatest number
schematic of marketing process
wants
Autocratic Leadership style
48. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
marketing research
private brands
elements of a company's marketing mix
49. 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
selling expenses
specialty advertising
personal sales approach
Crisis Management
50. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
Labor Relations
Whistle Blower
Industrial Goods