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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. Current assets minus current liabilities
institutional advertising
Board of Directors
steps in the strategic marketing planning process
working capital
2. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
grand strategies
fringe benefit
why companies learn about customers so they can stay in touch with their current needs and wants
Tactical Management
3. Specific customer groups or segments to whom a company wants to sell a particular product
factors that influence pricing decisions
target markets
direct marketing
news release
4. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
Inflation
middle management
Laws
5. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Operations (Production) Management
Depression
revenues
stages in the life cycle of a product
6. Business costs that increase with the number of units produced
variable costs
Inflation
Tall Organizational Structure
Business Ethics
7. 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
Gross National Product (GNP)
Depression
quick ratio
cost of goods sold
8. Brands owned by the manufacturers and distributed nationally
relationship marketing
Limited Liability Corporation (LLC)
national brands
license
9. Organization for economic - social - and security cooperation among European nations
debt financing
direct marketing
European Union (EU)
certain disabilities and illnesses
10. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
need
Matrix Structures
exchange process
bundling
11. Categorization of customers according to their relationship with products or response to product characteristics
introductory stage
personal selling
permission-based marketing
behavioral segmentation
12. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
online display advertising
Work Specialization
coupons
Span of Control
13. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
theory y
Human Resource Management (HRM)
steps in the strategic marketing planning process
Operations (Production) Management
14. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
levels of brand loyalty
North American Free Trade Agreement (NAFTA)
news conference
Philosophy
15. When a task is too time consuming for a manager to handle alone - he or she may ____.
delegate the task
revenues
middle management
Strategic Management
16. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Decision-Making Skills
Procedure
corporate strategies
Gross Domestic Product (GDP)
17. Form of a corporation spanning national boundaries
cost based pricing
Capitalism
Multinational (or Transnational) Corporation
responsibility
18. Strategy whereby a firm sells one or more of its business units
Divestiture
Pure Competition
European Union (EU)
break-even point
19. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
customer service
accounts payable
Imperfect Competition
Outcome-based ethics
20. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
Copyright
return on sales
Long-range or strategic planning
21. Arises when group members recognize that the leader has special expertise in the area
methods of finance for an expanding business
categories of customer communication
Expert Influence
Multinational (or Transnational) Corporation
22. Type of partnership consisting of limited partners and a general (or active) partner
maturity stage
capital investments
Limited Partnership
Restructuring
23. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
Copyright
accounts receivable turnover ratio
Long-Term Goal
marketing concept
24. Characteristic of centralized companies with multiple layers of management
Sexual Harassment
operating expenses
Tall Organizational Structure
product life cycle
25. 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
dynamic pricing
Limited Partner
Deregulation
cost of goods sold
26. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
credit
Marketer
factors that influence pricing decisions
cost of goods sold equation
27. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
demographics
management by objectives (MBO)
news release
General Partnership
28. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
cause-related marketing
Long-Term Goal
Goal
Sarbanes-Oxley Act of 2002 (Sarbox)
29. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
it produces the greatest amount of good for the greatest number
Philosophy
activity ratios
Ethical Behavior
30. Industry in which one company can most efficiently supply all needed goods or services
Socialism
Natural monopoly
Import
word of mouth
31. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
Privatization
decline stage
Goals
Strategy
32. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
Sarbanes-Oxley Act of 2002 (Sarbox)
form utility
retained earnings
primary factors of market segmentation
33. Offering several products for a single price that is presumably lower than the total of the products' individual prices
gross profit
Services
bundling
Patent
34. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
bundling
net income
liabilities
35. Sales volume at a given price that will cover all of a company's costs
statement of cash flows
Monopoly
accounts receivable turnover ratio
break-even point
36. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
place marketing
Privatization
Certificate of Incorporation
auction pricing
37. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Prosperity
Short-range or operational planning
brand equity
Hostile Work Environment
38. Body of decisions handed down by courts ruling on individual cases
customer loyalty
Labor Productivity
Whistle Blower
Common Law
39. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
depreciation
Divestiture
media
Benefits
40. Exchange of value between parties
types of financial ratios
Leadership Style
Service Operations (Service Production)
transaction
41. Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
target markets
Goals
Unethical Behavior
downsizing
42. Legal principal holding owners responsible for paying off all debts of a business
Business Ethics
demographics
Unlimited Liability
marketable securities
43. Occurs when widespread price increases occur throughout an economic system
rebates
Inflation
license
current liabilities
44. An increase in liabilities
debit
private brands
Safety
accrual basis
45. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Quid Pro Quo Harassment
place marketing
Mass Production
equity financing
46. Identification and marketing of a social issues - cause - or idea to selected target markets
cause-related marketing
form utility
brand
Service Operations (Service Production)
47. Compensation other than wages and salaries
Benefits
management by objectives (MBO)
Philosophy
cash basis
48. Strategic alliance in which the collaboration involves joint ownership of the new venture
auction
Joint Venture
benchmarking
price elasticity
49. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
marketing strategy
revenues
market segmentation
direct marketing
50. profitability - liquidity - activities - and leverage/debt
debit
levels of brand loyalty
personal selling
types of financial ratios