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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. A leadership style where the manager is directive and controlling
Tactical Management
Policy
Outcome-based ethics
theory x
2. Large-scale production and distribution of a product
brand names
Processing
commercialization
Privatization
3. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
responsibility
Nepotism
permission-based marketing
growth strategies
4. 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
Imperfect Competition
national brands
quick ratio
advertising approach
5. Customer value created by converting raw materials and other inputs into finished goods and services
form utility
schematic of marketing process
Mission Statement
Environmental Analysis
6. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Business Cycle
permission-based marketing
premiums
Management
7. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
Depression
personal selling
penetration pricing
8. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
financial control
Decision Making
Outsourcing
General Partnership
9. Markets focus on increasing the product's market share
market segmentation
growth stage
middle management
negative reinforcement
10. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
World Trade Organization (WTO)
Inflation
liabilities
Mission Statement
11. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
World Trade Organization (WTO)
Functional Strategy
Swot Analysis
Purpose of Strategic Planning
12. A detailed series of related steps or tasks written to implement a policy is called a ____.
Sarbanes-Oxley Act of 2002 (Sarbox)
trade promotions
Procedure
widgets
13. The four key elements of marketing strategy: product - price - distribution - and promotion
Retailer
Short-Term Goal
place utility
marketing mix
14. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
Patent
Import
function of labels
15. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
coupons
bundling
Quality
16. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
social media
Imperfect Competition
middle management
Delegation
17. Management process of determining what an organization needs to do and how best to get it done
SWOT analysis
Imperfect Competition
Planning
capital investments
18. Behavior exhibited by consumers as they consider - select - and purchase goods and services
authority
consumer market
Goals
customer buying behavior
19. Economy in which individuals control production and allocation decisions through supply and demand
advertising approach
price based pricing
Multinational (or Transnational) Corporation
Market economy
20. Stems from personal trust and respect members have for the leader
stages in the life cycle of a product
Work Specialization
Identity Influence
credit
21. Corporation whose stock is widely held and available for sale to the general public
Bankruptcy
telemarketing
financial control
Publicly Held (or Public) Corporation
22. Offering a temporary reduction in price
a continuous-flow operating system
it produces the greatest amount of good for the greatest number
discount pricing
accrual basis
23. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
pull strategy
Management Information System (MIS)
distribution channels
social commerce
24. Provides protection for the product - makes products easier to display - and attracts attention
Patent
function of packaging
quick ratio
selling expenses
25. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Privatization
debt financing
Human Resource Management (HRM)
European Union (EU)
26. Study of statistical characteristics of a population
demographics
break-even point
Marketer
accounts receivable
27. Partnership between two or more companies to closely link their brand names together for a single product
co-branding
Limited Liability
brand equity
marketing strategy
28. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Perfect competition
Gross Domestic Product (GDP)
liabilities
selling expenses
29. Process through which a manager allocates work to subordinates
debt-to-total-assets ratio
Matrix Structures
Delegation
SWOT analysis
30. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
Outcome-based ethics
Goals
generic products
retained earnings
31. Stocks - bonds - and other investments that can be turned into cash quickly
Outsourcing
positioning
cost based pricing
marketable securities
32. Advertising sent directly to potential customers - usually through the mail
direct mail
permission-based marketing
inventory turnover ratio
laissez-faire Leadership style
33. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
personal sales approach
risks of product-line extensions
utility
34. The purchase of one company by another
advertising approach
owner's equity equation
Acquisition
marketing research
35. The level of joblessness among people actively seeking work in an economic system
profitability ratios
Reward Influence
Unemployment
Tactical Management
36. Location
Matrix Structures
geographics
Labor Union
contract
37. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
vertical analysis
Supply
behavioral segmentation
product life cycle
38. 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
Franchise
search advertising
break-even point
Limited Partner
39. A document - generally issued by a state government - giving permission to start a corporation
exchange process
Flat Organizational Structure
Certificate of Incorporation
Collusion
40. A business that grows products or takes raw material from nature
empowerment
Leadership
General (Active) Partner
Extractor
41. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Monopolistic Competition
possession utility
social commerce
public relations
42. Sales promotion aimed at final consumers
consumer promotion
types of utility
Purchasing Power Party
Limited Partnership
43. Changes the form of material so they can be consumed or used to manufacture other products
customer service
brand
management by objectives (MBO)
Processing
44. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
accrual basis
marketing strategy
fringe benefit
why companies learn about customers so they can stay in touch with their current needs and wants
45. The willingness and ability of producers to offer a good or service for sale
European Union (EU)
Supply
Monopoly
Theory Z
46. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Affirmative Action
cash basis
private brands
Business (or Competitive) Strategy
47. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
geodemographics
North American Free Trade Agreement (NAFTA)
responsibilities of a financial manager
geographic segmentation
48. The act of transferring net revenue and expense account balances to retained earnings for the period
form utility
Price Fixing
Labor Union
close the books
49. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
merger
target markets
marketing
50. Direct communication other than personal sales contacts designed to effect a measurable response
cause-related marketing
Specialty Good/Specialty Service
direct marketing
Sarbanes-Oxley Act of 2002 (Sarbox)