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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. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
inside board members
Corporate Strategy
Corporation
form utility
2. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
wants
accrual basis
assume that all workers are content with their work
Marketer
3. Process of subdividing a market into homogeneous groups to identify potential customers and to devise marketing approaches geared to their needs and interests
laissez-faire Leadership style
Organizing
market segmentation
owner's equity
4. Study of statistical characteristics of a population
Chain of Command
auction
demographics
Statutory Law
5. All the operating expenses associated with marketing goods or services
selling expenses
price elasticity
growth through direction state
Out-sourcing
6. Occurs when widespread price increases occur throughout an economic system
Long-range or strategic planning
Nepotism
public relations
Inflation
7. ____ 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
Patent
generic products
market segmentation
Goals
8. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
schematic of marketing process
direct marketing approach
Standard of living
debt ratios
9. 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
brand
working capital
debt financing
Long-range or strategic planning
10. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
job rotation
function of labels
Wheeler-Lea Act of 1938
point-of-purchase display
11. Break-even point = fixed costs/ (selling price - variable costs per unit)
product advertising
Tall Organizational Structure
First-Line Manager
break-even point equation
12. The movement of an economy from one condition to another and back again
Business Cycle
long-term liabilities
maturity stage
Policy
13. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Closely Held (or Private) Corporation
Chain of Command
Tactical Management
Standard of living
14. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
product advertising
certain disabilities and illnesses
Real GDP
promotional strategy
15. Current assets minus current liabilities
Goal
commercialization
Controlling
working capital
16. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
capital budgeting
Prime Rate
it produces the greatest amount of good for the greatest number
Monopoly
17. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
stealth marketing
integrated marketing communications
Industrial Goods
Wholesaler
18. Management process of determining what an organization needs to do and how best to get it done
bundling
elements of a company's marketing mix
Planning
delegate the task
19. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Functional Strategy
assets
vertical analysis
pull strategy
20. Selling one product at a loss as a way to entice customers to consider other products
loss-leader pricing
Private enterprise
Monopolistic competition
fixed assets
21. The amount of money charged for a product or service
Purchasing Power Party
Collusion
price
ways to expand a product line
22. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
working capital
strategic marketing planning
cost based pricing
private brands
23. Use a brand name on a variety of related products
license
Identity Influence
family branding
Centralized Organization
24. Amount earned from sales of goods or services and inflow from miscellaneous sources such as interest - rent - and royalties
financial management
place utility
working capital
revenues
25. Costs created in the process of generating revenues
Gross National Product (GNP)
S Corporation
expenses
Nepotism
26. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
retained earnings
primary factors of market segmentation
Operations (Production) Management
Quid Pro Quo Harassment
27. Informal work groups can affect ____.
Strategic Alliance
productivity - the success of the managers - and the morale of the other employees
stealth marketing
permission-based marketing
28. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
function of labels
Organizational Chart
Reward Influence
Decision-Making Skills
29. When organizations change raw materials into finished goods
Three reasons nations trade
5 C's
form utility
marketable securities
30. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Service Business
Inflation
Short-range or operational planning
product mix
31. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Capitalism
Business (or Competitive) Strategy
types of financial ratios
Specialty Good/Specialty Service
32. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
marketing strategy
Insider Trading
Intellectual Property
how companies learn about customer
33. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
Business Ethics
Procedure
integrated marketing communications
Committee and Team Authority
34. Partner who actively manages a firm and who has unlimited liability for its debts
Telemarketing
price based pricing
General (Active) Partner
Supply Chain (Value Chain)
35. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
introductory stage
Planning
productivity - the success of the managers - and the morale of the other employees
36. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
vertical analysis
Affirmative Action
Human Resource Management (HRM)
Wholesaler
37. The creation and sharing of product-related information among customers and potential customers
Swot Analysis
social commerce
organization behavior modification
cost based pricing
38. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Real GDP
Prime Rate
Ethical Behavior
Copyright
39. The willingness and ability of buyers to purchase a good or service
permission marketing
Demand
Officers
stages in the life cycle of a product
40. Nonsales communication that businesses have with their various audiences
current liabilities
time utility
public relations
close the books
41. Customer value added by making a product available at a convenient time
grand strategies
balance sheet
owner's equity equation
time utility
42. A measure of the sensitivity of demand to changes in price
price elasticity
brand loyalty
Position Influence
empowerment
43. Process by which the world is becoming a single interdependent system
types of utility
Globalization
Mass Production
marketing research
44. Corporation whose stock is widely held and available for sale to the general public
brand loyalty
Recession
brand extension
Publicly Held (or Public) Corporation
45. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
Import
Privatization
Ethics
46. Creating a flatter organization structure normally cutting out middle management
downsizing
activity ratios
loss-leader
accounts payable
47. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
brand names
psychographics
Organizing
long-term liabilities
48. Marketing efforts to attract people and organizations to a particular geographical area
Management Information System (MIS)
place marketing
general expenses
rebates
49. Process of converting government enterprises into privately owned companies
product life cycle
Privatization
Collusion
how companies learn about customer
50. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
Prosperity
Copyright
return on investment