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Business Fundamentals

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






2. Provides protection for the product - makes products easier to display - and attracts attention






3. The way a manager teats and directs employees






4. 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






5. Sales promotion aimed at final consumers






6. Independent and well informed buyers and sellers of the exact same product (farmers markets)






7. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade






8. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding






9. Method of combining geographical data with demographic data to develop profiles of neighborhood segments






10. Offering several products for a single price that is presumably lower than the total of the products' individual prices






11. Charging a high price for a new product during the introductory stage and lowering the price later






12. Offering a temporary reduction in price






13. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider






14. Personal communication between a seller and one or more potential buyers






15. A leadership style where the manager is directive and controlling






16. Specific customer groups or segments to whom a company wants to sell a particular product






17. Form of nonstore retailing in which the telephone is used to sell directly to consumers






18. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products






19. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships






20. Statement of a firm's financial position on a particular date; also known as a statement of financial position






21. Bar codes on product packages that provide information read by optical scanners






22. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability






23. Intermediary who sells products directly to consumers






24. Specification of the jobs to be done within an organization and the ways in which they relate to one another






25. Continually adjusting prices to reflect changes in supply and demand






26. Form - time - place - possession






27. Activities needed to move a product efficiently from manufacturer to consumer






28. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results






29. Informal work groups can affect ____.






30. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community






31. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade






32. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade






33. People are internally motivated






34. Intermediary who sells products to other businesses for resale to final consumers






35. Identification and marketing of a social issues - cause - or idea to selected target markets






36. A sustained increase in the general level of prices






37. Strategic alliance in which the collaboration involves joint ownership of the new venture






38. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction






39. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing






40. Activities producing tangible products such as radios - newspapers - buses and textbooks






41. Unwelcome sexual advances in the workplace






42. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.






43. The union of two corporations to form a new corporation






44. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers






45. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization






46. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o






47. Motivator and hygiene factors need to be met to prevent dissatisfaction

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48. 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






49. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product






50. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product







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