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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. Management process of determining what an organization needs to do and how best to get it done
Mission Statement
owner's equity
Labor Relations
Planning
2. Choosing one alternative from among several options
activity ratios
Decision Making
assume that all workers are content with their work
Information Technology (IT)
3. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
depreciation
Crisis Management
Deregulation
objectives
4. The movement of an economy from one condition to another and back again
owner's equity
Business Cycle
Decentralized Organization
specialty advertising
5. Roles of shareholders - directors - and other managers in corporate decision making and accountability
mission statement
Affirmative Action
Corporate Governance
debt-to-total-assets ratio
6. Ratios that measure the effectiveness of the firm's use of its resources
Venture Capital Company
activity ratios
Strategy
Export
7. Amounts that are currently due to a company
statement of cash flows
Standard of Living
accounts receivable
exchange process
8. Manager responsible for implementing the strategies and working toward the goals set by top managers
theory y
Middle Manager
Centralized Organization
Affirmative Action
9. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Chain of Command
Outsourcing
Decision Making
10. Power to make the decisions necessary to complete a task
Physical Distribution
Authority
Small Business Administration (SBA)
product life cycle
11. This level of management includes department heads and district sales managers.
commercialization
middle management
current ratio
Certificate of Incorporation
12. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
General (Active) Partner
public relations
Outsourcing
Private enterprise
13. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Benefits
commercialization
Goal
Telemarketing
14. Manager responsible for a firm's overall performance and effectiveness
Top Manager
coupons
product mix
Flat Organizational Structure
15. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
geographics
possession utility
trade promotions
Operations (Production) Management
16. Court-granted permission for a company to not pay some or all debts
Substitute Product
Chief Executive Officer (CEO)
Bankruptcy
Supply
17. Advertising designed to encourage customers to try new products or to switch brands
net income
time utility
exchange process
persuasive advertising
18. Loss of brand identity and the cannibalization of sales of other products in the product line
Position Influence
Span of Control
methods of finance for an expanding business
risks of product-line extensions
19. A leadership style where the manager is directive and controlling
Management Information System (MIS)
market segmentation
categories of customer communication
Tactical Management
20. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
Organization Chart
Sole Proprietership
Tall Organizational Structure
21. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Reward Influence
Sarbanes-Oxley Act of 2002 (Sarbox)
Human Resource Management (HRM)
Services
22. A firm's portion of the total sales in a market
Purpose of Strategic Planning
quality control circles
Privatization
market share
23. A measure of the sensitivity of demand to changes in price
Imperfect Competition
social commerce
Acquisition
price elasticity
24. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Whistle Blower
Strategy
relationship marketing
Committee and Team Authority
25. Individuals or households that buy goods and services for personal use
net income
consumer market
co-branding
point-of-purchase display
26. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Policy
Corporate Governance
brand
certain disabilities and illnesses
27. Cost of goods sold = beginning inventory + net purchases - ending inventory
Convenience Good/Convenience Service
debit
Sarbanes-Oxley Act of 2002 (Sarbox)
cost of goods sold equation
28. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Span of Control
Inflation
stages of product development
institutional advertising
29. 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
debt ratios
Competition
specialty advertising
advertising
30. Four basic stage through which a product progresses: introduction - growth - maturity - and decline
Organizational Structure
product life cycle
Laws
debt financing
31. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Matrix Structures
Universal Product Codes
Closely Held (or Private) Corporation
Outcome-based ethics
32. 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
loss-leader
sales promotion
Leadership Style
transaction
33. Effective acquisition and use of money
Delegation
Procedure
financial management
Organizational Stakeholders
34. Assets = liabilities + owner's equity
assume that all workers are content with their work
Limited Liability
assets equation
liquidity ratios
35. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
Business Ethics
depreciation
assume that all workers are content with their work
accrual basis
36. Ratio between net income after taxes and total owners' equity; also known as return on equity
Standard of Living
behavioral segmentation
return on investment
Globalization
37. 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
quick ratio
decision-making role
sales promotion approach
price based pricing
38. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
return on equity ratio
accounts receivable
Exchange Rate
39. Marketing efforts to attract people and organizations to a particular geographical area
owner's equity
cost of goods sold
return on equity ratio
place marketing
40. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
Limited Liability Corporation (LLC)
possession utility
Recovery
41. The value that a company has built up in a brand
Centralized Organization
brand equity
Quid Pro Quo Harassment
Reward Influence
42. The willingness and ability of producers to offer a good or service for sale
positioning
geographic segmentation
Supply
Benefits
43. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
horizontal analysis
Swot Analysis
Corporate Bond
point-of-purchase display
44. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
exchange process
online display advertising
Business (or Competitive) Strategy
Public Goods
45. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
brand managers
trade allowance
Top Manager
46. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
opportunity cost
Hostile Work Environment
Custom Manufacturing
financial control
47. Acquiring funds through borrowing
Hostile Work Environment
Long-range or strategic planning
debt financing
direct marketing approach
48. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
productivity - the success of the managers - and the morale of the other employees
place marketing
objectives
49. The creation and sharing of product-related information among customers and potential customers
social commerce
current ratio
consumer market
Manufacturer
50. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
growth stage
debit
Labor Relations
Short-range or operational planning