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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. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
direct marketing approach
Tall Organizational Structure
Labor Union
social media approach
2. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Work Specialization
marketing
Certificate of Incorporation
double-entry bookkeeping
3. In bookkeeping - an increase in assets
grand strategies
3 Economic Role
credit
Monopoly
4. Organization in which most decision-making authority is held by upper-level management
Centralized Organization
geodemographics
Identity Influence
Philosophy
5. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
common pricing strategies
Socialism
debt ratios
strategic marketing planning
6. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
merger
geodemographics
Autocratic Leadership style
quality control circles
7. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
Organizational Stakeholders
management by objectives (MBO)
Purchasing Power Party
cognitive dissonance
8. Corporation whose stock is widely held and available for sale to the general public
Convenience Good/Convenience Service
Inflation
skim pricing
Publicly Held (or Public) Corporation
9. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
brand extension
Leadership
Standard of living
Crisis Management
10. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Convenience Good/Convenience Service
Quid Pro Quo Harassment
Sexual Harassment
Whistle Blower
11. Transferring work to another country
Marketing
Out-sourcing
levels of brand loyalty
productivity - the success of the managers - and the morale of the other employees
12. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
permission-based marketing
expenses
Consumer Goods
Corporate Governance
13. A detailed series of related steps or tasks written to implement a policy is called a ____.
Quid Pro Quo Harassment
Goals
Procedure
marketing
14. Intermediary who sells products to other businesses for resale to final consumers
Price Fixing
Copyright
Marketing
Wholesaler
15. One seller of a product - denies people competition and is against the law (They can typically raise prices)
ratio analysis
Monopoly
break-even point equation
cognitive dissonance
16. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Variance
Corporate Strategy
word of mouth
Marketer
17. Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top
specialty advertising
Reward Influence
Decentralized Organization
Delegation
18. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
Inflation
function of labels
personal selling
ratio analysis
19. The combined use of tactical and strategic management
Expert Influence
Mixed Management
stages in the life cycle of a product
Swot Analysis
20. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Decision Making
Gross Domestic Product (GDP)
activity ratios
Whistle Blower
21. Creating a flatter organization structure normally cutting out middle management
promotional strategy
Purchasing Power Party
downsizing
Maslow's hierarchy of needs
22. Stocks - bonds - and other investments that can be turned into cash quickly
return on equity ratio
long-term liabilities
Monopolistic Competition
marketable securities
23. Body of decisions handed down by courts ruling on individual cases
Labor Union
why companies learn about customers so they can stay in touch with their current needs and wants
Common Law
social commerce
24. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Board of Directors
consumer market
Telemarketing
calendar year
25. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Purchasing Power Party
Maslow's hierarchy of needs
need
categories of customer communication
26. Promotional campaigns that send information only to those people who've specifically asked to receive it
personal selling
permission marketing
media
how companies learn about customer
27. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Flat Organizational Structure
brand equity
brand
Unemployment
28. A short - specific written statement of the reason a business exists and what it wants to achieve.
Monopoly
mission statement
Demand
Industrial Goods
29. Ethical or unethical behaviors by employees in the context of their jobs
Mass Production
Business Ethics
marketing concept
brand loyalty
30. Formal agreement to set prices. Sometimes illegal - but is typically secretive
news conference
direct marketing
sales promotion approach
Collusion
31. Informal work groups can affect ____.
equity financing
productivity - the success of the managers - and the morale of the other employees
Retailer
price elasticity
32. Internal descriptors such as attitudes - interests - values - behaviors - and habits
fringe benefit
Capitalism
social commerce
psychographics
33. 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
customer buying behavior
earnings per share
Recession
Wholesaler
34. Product that is dissimilar from those of competitors but than can fulfill the same need
generic products
maturity stage
Substitute Product
owner's equity
35. A sustained increase in the general level of prices
Limited Liability
Organization Chart
advertising
Inflation
36. Confusion results if a person reports to two people at once - according to ____.
Real GDP
unity of command
fixed costs
Position Influence
37. Industry in which one company can most efficiently supply all needed goods or services
cash basis
Reward Influence
Natural monopoly
responsibility
38. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Long-range or strategic planning
Expert Influence
capital investments
activity ratios
39. Unwelcome sexual advances in the workplace
Sexual Harassment
Out-sourcing
revenues
theory y
40. Sales volume at a given price that will cover all of a company's costs
break-even point
Specialty Good/Specialty Service
Leading
market segmentation
41. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Organizing
break-even analysis
need
Autocratic Leadership style
42. Top management team of a corporation
responsibilities of a financial manager
Officers
Variance
Leadership
43. Communications channels - such as newspapers - radio - and television
owner's equity equation
ways to expand a product line
Industrial Goods
media
44. Act of obtaining a desired object or services from another party by offering something of value in return
Exchange Rate
maturity stage
steps in the strategic marketing planning process
exchange process
45. Elimination of rules that restrict business activity
Restructuring
place marketing
Deregulation
Maslow's hierarchy of needs
46. Demographics - psychographics - and geographics
Business Cycle
Monopoly
Organizing
primary factors of market segmentation
47. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
limitations of marketing research
Expert Influence
Corporate Governance
48. Power to make the decisions necessary to complete a task
Extension
Socialism
categories of customer communication
Authority
49. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Contingent Worker
time utility
Human Resource Management (HRM)
debt-to-total-assets ratio
50. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
Procedure
place utility
Small Business Administration (SBA)
Quality Control