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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. Bar codes on product packages that provide information read by optical scanners
equity financing
levels of brand loyalty
Business Plan
Universal Product Codes
2. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Quid Pro Quo Harassment
Gross Domestic Product (GDP)
Corporate Strategy
loss-leader
3. Demographics - psychographics - and geographics
primary factors of market segmentation
license
accrual basis
Maslow's hierarchy of needs
4. Compensation other than wages and salaries
growth strategies
Benefits
long-term liabilities
Work Specialization
5. Identification and marketing of a social issues - cause - or idea to selected target markets
ways to expand a product line
Tall Organizational Structure
Contingent Worker
cause-related marketing
6. Money paid to acquire something of permanent value in a business
capital investments
general expenses
fiscal year
Market economy
7. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
corporate strategies
Outsourcing
social media
market share
8. 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
specialty advertising
Management Information System (MIS)
assets equation
common pricing strategies
9. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
distribution channels
S Corporation
Functional Strategy
Gross National Product (GNP)
10. Exchange of value between parties
trade promotions
owner's equity
transaction
factors that influence pricing decisions
11. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
introductory stage
social commerce
cost based pricing
12. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Regulatory (Administrative) Law
customer loyalty
General Partnership
categories of customer communication
13. Manager responsible for implementing the strategies and working toward the goals set by top managers
Socialism
delegate the task
Middle Manager
capital budgeting
14. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
limitations of marketing research
Divestiture
revenues
maturity stage
15. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
Labor Productivity
Committee and Team Authority
specialty advertising
depreciation
16. Applying a successful brand name to a new product category
Goals
geodemographics
brand extension
fixed assets
17. The action of ensuring that operations produce products that meet specific quality standards
Capitalism
brand managers
Quality Control
social commerce
18. Independent and well informed buyers and sellers of the exact same product (farmers markets)
marketing research
Pure Competition
accounts receivable turnover ratio
Marketing
19. Personal communication between a seller and one or more potential buyers
personal selling
Standard of living
market segmentation
sales promotion
20. 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
Planning
activity ratios
price
quick ratio
21. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
assets
promotional strategy
Chain of Command
Business Plan
22. The way you live as measure by the kinds and quality of goods and services you can afford
Retailer
Standard of Living
Audit
Custom Manufacturing
23. Process for evaluating proposed investments in select projects that provide the best long-term financial return
Bankruptcy
Service Operations (Service Production)
capital budgeting
inside board members
24. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Merger
Imperfect Competition
Whistle Blower
Theory Z
25. Difference of revenues - costs - and profit from the planned amounts.
Variance
Controlling
market segmentation
coupons
26. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Limited Liability Corporation (LLC)
Philosophy
assets
general expenses
27. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Monopoly
marketing strategy
Manufacturer
cost of goods sold
28. Brands owned by the manufacturers and distributed nationally
cost based pricing
Retailer
General (Active) Partner
national brands
29. Process of dealing with employees who are represented by a union
Authority
Unlimited Liability
Labor Relations
financial plan
30. Cash and items that can be turned into cash within one year
Controlling
Short-range or operational planning
current assets
activity ratios
31. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
consumer promotion
marketing
positive reinforcement
Gross Domestic Product (GDP)
32. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
cost based pricing
management by objectives (MBO)
Monopolistic competition
Common Law
33. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
stealth marketing
demographics
marketable securities
34. Cost of goods sold = beginning inventory + net purchases - ending inventory
close the books
World Trade Organization (WTO)
cost of goods sold equation
Extension
35. Media: news release; audience: broad - intensity: passive - active; purpose: inform
current assets
product life cycle
working capital
public relations approach
36. Process of scanning the business environment for threats and opportunities
Deregulation
decline stage
Environmental Analysis
debt ratios
37. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
auction pricing
grand strategies
Whistle Blower
geodemographics
38. Body of decisions handed down by courts ruling on individual cases
credit
Leadership Style
capital budgeting
Common Law
39. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
social commerce
net income
Philosophy
Labor Relations
40. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
variable costs
categories of customer communication
Import
Capitalism
41. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Mission Statement
coupons
Tall Organizational Structure
Information Technology (IT)
42. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Patent
Competition
activity ratios
accounts receivable
43. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
specialty advertising
debt-to-equity ratio
institutional advertising
44. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
brand loyalty
Leadership
Gross Domestic Product (GDP)
expenses
45. A large number of identical products are assembled using a continuous - efficient procedure
assets
authority
Labor Union
Mass Production
46. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
Telemarketing
Publicly Held (or Public) Corporation
product
47. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
Contingent Worker
Custom Manufacturing
financial control
48. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
certain disabilities and illnesses
Long-Term Goal
Planning
Standard of Living
49. The movement of an economy from one condition to another and back again
target markets
corporate strategies
Business Cycle
news release
50. People are lazy
theory x
product advertising
budget
Intellectual Property