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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. Positive reinforcement - negative reinforcement - punishment
Services
it produces the greatest amount of good for the greatest number
organization behavior modification
unity of command
2. 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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3. Marketers focus on stimulating demand for the new product
Decentralized Organization
Decision-Making Skills
introductory stage
theory y
4. Changes the form of material so they can be consumed or used to manufacture other products
Processing
Whistle Blower
Standard of living
advertising
5. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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6. Amounts that are currently due to a company
Corporate Bond
penetration pricing
search advertising
accounts receivable
7. Study of statistical characteristics of a population
balance sheet
SWOT analysis
demographics
elements of a company's marketing mix
8. The amount of money charged for a product or service
Private enterprise
communication mix
price
categories of customer communication
9. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
General (Active) Partner
Sarbanes-Oxley Act of 2002 (Sarbox)
cause-related marketing
persuasive advertising
10. Market or industry in which there is only one producer that can therefore set the prices on all of its products
pull strategy
Long-range or strategic planning
Monopoly
factors that influence pricing decisions
11. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
widgets
revenues
Recession
12. The creation and sharing of product-related information among customers and potential customers
coupons
Labor Union
distribution channels
social commerce
13. Confusion results if a person reports to two people at once - according to ____.
unity of command
liquidity ratios
owner's equity
categories of customer communication
14. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Common Law
Goods Operations (Goods Production)
Imperfect Competition
brand managers
15. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
organization behavior modification
price based pricing
why companies learn about customers so they can stay in touch with their current needs and wants
generic products
16. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
Quid Pro Quo Harassment
how companies learn about customer
psychographics
17. Where products are conveniently placed for customers
place utility
inside board members
distribution channels
public relations
18. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
psychographics
liabilities
personal sales approach
General (Active) Partner
19. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Short-range or operational planning
stages of product development
Small Business Administration (SBA)
management by objectives (MBO)
20. Behavior exhibited by consumers as they consider - select - and purchase goods and services
cash basis
loss-leader
customer buying behavior
Unlimited Liability
21. Media: news release; audience: broad - intensity: passive - active; purpose: inform
3 Economic Role
public relations approach
Long-range or strategic planning
media
22. A prolonged and deep recession
3 Economic Role
ways to expand a product line
Short-Term Goal
Depression
23. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
news release
Physical Distribution
advertising approach
product mix
24. Identification and marketing of a social issues - cause - or idea to selected target markets
Inflation
cause-related marketing
cognitive dissonance
Three reasons nations trade
25. An increase in liabilities
vertical analysis
debit
product line
Certificate of Incorporation
26. Diagram depicting a company's structure and showing employees where they fit into its operations
Organization Chart
direct mail
possession utility
categories of customer communication
27. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
Multinational (or Transnational) Corporation
brand equity
direct marketing
28. Money paid to acquire something of permanent value in a business
demographics
Wheeler-Lea Act of 1938
capital investments
place utility
29. Sales promotion aimed at final consumers
a continuous-flow operating system
Long-range or strategic planning
consumer promotion
Strategic Management
30. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
how companies learn about customer
Copyright
revenues
delegate the task
31. Bar codes on product packages that provide information read by optical scanners
Competition
return on investment
Socialism
Universal Product Codes
32. 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
quick ratio
Policy
responsibilities of a financial manager
market
33. Cash and items that can be turned into cash within one year
grand strategies
Strategic Management
owner's equity equation
current assets
34. Introducing a new product at a low price in hopes of building sales volume quickly
financial plan
news conference
penetration pricing
introductory stage
35. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
dynamic pricing
liabilities
Services
retained earnings
36. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Supply Chain (Value Chain)
function of packaging
how companies learn about customer
expenses
37. The willingness and ability of producers to offer a good or service for sale
line organization
test marketing
grand strategies
Supply
38. People are lazy
accounts receivable
Statutory Law
theory x
database marketing
39. Takes the extractor's products or raw materials and changs the into a form that consumers can use
stages in the life cycle of a product
delegate the task
Manufacturer
double-entry bookkeeping
40. Assets - liabilities = owner's equity
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41. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Services
S Corporation
Purchasing Power Party
Organizational Chart
42. Product that is dissimilar from those of competitors but than can fulfill the same need
accounts receivable turnover ratio
categories of customer communication
Substitute Product
Labor Union
43. Owner of shares of stock in a corporation
Convenience Good/Convenience Service
introductory stage
grand strategies
Stockholder (or Shareholder)
44. Rewarded for good performance; something the employee likes is praised
primary factors of market segmentation
equity financing
coupons
positive reinforcement
45. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
double-entry bookkeeping
activity ratios
time utility
Patent
46. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Restructuring
social media approach
fixed costs
database marketing
47. Effective acquisition and use of money
target markets
financial management
Substitute Product
family branding
48. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Three reasons nations trade
Extractor
opportunity cost
Swot Analysis
49. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
Business Ethics
credit
budget
First-Line Manager
50. Categorization of customers according to their relationship with products or response to product characteristics
Regulatory (Administrative) Law
behavioral segmentation
Long-range or strategic planning
factors that influence pricing decisions