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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. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
Audit
financial control
S Corporation
close the books
2. Stems from personal trust and respect members have for the leader
Prime Rate
Organizational Structure
Identity Influence
Monopoly
3. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
price based pricing
auction
public relations
budget
4. Occurs when two companies form one corporation
accrual basis
trade promotions
merger
Policy
5. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
Outsourcing
Long-range or strategic planning
assets equation
sales promotion
6. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Short-range or operational planning
Middle Manager
transaction
market segmentation
7. Somethings needed by a community and provided by its government
Public Goods
middle management
working capital
brand equity
8. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
schematic of marketing process
Information Technology (IT)
capital budgeting
Common Law
9. Informal communication between customers and potential customers
financial management
word of mouth
Leading
Export
10. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
long-term liabilities
unity of command
Functional Strategy
introductory stage
11. Choosing one alternative from among several options
Purchasing Power Party
Human Resource Management (HRM)
Decision Making
Leading
12. Demographics - psychographics - and geographics
sales promotion
Service Operations (Service Production)
theory y
primary factors of market segmentation
13. Where products are conveniently placed for customers
accrual basis
place utility
Nepotism
depreciation
14. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Price Fixing
relationship marketing
Corporation
time utility
15. An extra amount of time granted to a party to make a payment
media
Theory Z
Marketer
Extension
16. The way you live as measure by the kinds and quality of goods and services you can afford
Corporate Governance
Standard of Living
function of packaging
Theory Z
17. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
cost based pricing
market
Oligopoly
productivity - the success of the managers - and the morale of the other employees
18. A firm's portion of the total sales in a market
Limited Partnership
market share
integrated marketing communications
Affirmative Action
19. 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
direct marketing approach
Limited Partner
Recession
product line
20. Difference of revenues - costs - and profit from the planned amounts.
marketing research
financial management
Venture Capital Company
Variance
21. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
risks of product-line extensions
debt financing
coupons
22. Roles of shareholders - directors - and other managers in corporate decision making and accountability
Corporate Governance
dynamic pricing
Expert Influence
generic products
23. Expensive - rarely purchased good or service
commercialization
unity of command
Specialty Good/Specialty Service
Management Information System (MIS)
24. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
financial plan
Whistle Blower
marketing concept
25. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
strategic marketing planning
balance sheet
brand mark
26. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Decentralized Organization
Services
trade allowance
double-entry bookkeeping
27. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Intellectual Property
Labor Productivity
advertising approach
it produces the greatest amount of good for the greatest number
28. Reporting relationships within a company
fiscal year
Venture Capital Company
types of financial ratios
Chain of Command
29. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
growth through direction state
profitability ratios
mission statement
30. A detailed series of related steps or tasks written to implement a policy is called a ____.
organizational market
loss-leader pricing
Procedure
debt ratios
31. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
responsibility
World Trade Organization (WTO)
national brands
Prime Rate
32. The creation and sharing of product-related information among customers and potential customers
assets
product
social commerce
long-term liabilities
33. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
factors that influence pricing decisions
Purpose of Strategic Planning
push strategy
Inflation
34. Goal set for the very near future
news release
expenses
Short-Term Goal
brand mark
35. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
theory x
Accountability
Span of Control
Purchasing Power Party
36. When a task is too time consuming for a manager to handle alone - he or she may ____.
delegate the task
accrual basis
license
time utility
37. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
General Partnership
Accountability
reminder advertising
responsibility
38. Business costs that increase with the number of units produced
middle management
news release
primary factors of market segmentation
variable costs
39. Strategic alliance in which the collaboration involves joint ownership of the new venture
Decision Making
Outcome-based ethics
Joint Venture
working capital
40. Marketers focus on stimulating demand for the new product
premiums
introductory stage
growth through direction state
Laws
41. A leadership style where the manager is directive and controlling
current ratio
Tactical Management
accrual basis
search advertising
42. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Affirmative Action
Audit
Physical Distribution
Patent
43. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
Processing
Monopoly
social media approach
Variance
44. A period during which aggregate output - as measured by GDP - declines
Patent
organization behavior modification
Recession
price based pricing
45. Business owned and usually operated by one person who is responsible for all its debts
SWOT analysis
Sole Proprietership
Processing
types of utility
46. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
Purpose of Strategic Planning
direct mail
marketing mix
47. Direct communication other than personal sales contacts designed to effect a measurable response
mission statement
direct marketing
responsibility
Leadership Style
48. Illegal practice of using special knowledge about a firm for profit or gain
Insider Trading
Policy
how companies learn about customer
place marketing
49. 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
market share
form utility
Intellectual Property
Gross National Product (GNP)
50. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Committee and Team Authority
theory x
Pure Competition
Convenience Good/Convenience Service