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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. Vying among businesses for the same resources or customers
working capital
factors that influence pricing decisions
Competition
break-even point equation
2. In a ____ authority originates at the top and moves downward in a line.
risks of product-line extensions
line organization
Strategic Alliance
direct marketing
3. Strategy whereby a firm sells one or more of its business units
dynamic pricing
permission marketing
Divestiture
Gross National Product (GNP)
4. Strategic alliance in which the collaboration involves joint ownership of the new venture
Flat Organizational Structure
Joint Venture
credit
relationship marketing
5. Selling one product at a loss as a way to entice customers to consider other products
target markets
promotion
permission marketing
loss-leader pricing
6. Group of small investors who invest money in companies with rapid growth potential
news release
Venture Capital Company
social commerce
Extractor
7. Organization in which most decision-making authority is held by upper-level management
Variance
Business Ethics
accounts receivable
Centralized Organization
8. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Supply
activity ratios
earnings per share
Controlling
9. Advertising intended to remind existing customers of a product's availability and benefits
Goal
reminder advertising
rebates
geographic segmentation
10. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Leadership Style
maturity stage
Limited Liability Corporation (LLC)
product life cycle
11. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
Unlimited Liability
Purpose of Strategic Planning
positioning
12. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
Stockholder (or Shareholder)
Theory Z
discount pricing
strategic marketing planning
13. Confusion results if a person reports to two people at once - according to ____.
revenues
unity of command
Chain of Command
Extractor
14. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Demand
loss-leader pricing
Three reasons nations trade
Inflation
15. Claims against a firm's assets by creditors - such as banks and suppliers
contingency plans
direct marketing
liabilities
Competition
16. Physical products purchased by companies to produce other products
Purpose of Strategic Planning
Industrial Goods
Chief Executive Officer (CEO)
Monopolistic Competition
17. Body of decisions handed down by courts ruling on individual cases
Common Law
activity ratios
distribution channels
Mixed Management
18. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
accrual basis
social commerce
Recovery
geodemographics
19. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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20. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
Quid Pro Quo Harassment
behavioral segmentation
return on investment
21. A firm's portion of the total sales in a market
market share
Processing
push strategy
personal sales approach
22. Formal agreement to set prices. Sometimes illegal - but is typically secretive
price
positive reinforcement
Collusion
break-even point equation
23. The level of joblessness among people actively seeking work in an economic system
brand
Chain of Command
Planning
Unemployment
24. The four key elements of marketing strategy: product - price - distribution - and promotion
marketing mix
close the books
SWOT analysis
revenues
25. Managers and workers cooperating as a team
organizational market
Democratic Leadership Style
Export
Private enterprise
26. An action is morally correct - when - among the people it affects...
positioning
growth stage
media
it produces the greatest amount of good for the greatest number
27. A prolonged and deep recession
common pricing strategies
vertical analysis
liquidity ratios
Depression
28. Cost of goods sold = beginning inventory + net purchases - ending inventory
Oligopoly
Retrenchment
stages of product development
cost of goods sold equation
29. Product - price - distribution - customer communication
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30. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Sarbanes-Oxley Act of 2002 (Sarbox)
brand names
Ethics
Safety
31. Introductory stage - growth stage - maturity stage - decline stage
Service Business
break-even point
stages in the life cycle of a product
types of utility
32. Promotional campaigns that send information only to those people who've specifically asked to receive it
permission marketing
Imperfect Competition
marketing research
capital budgeting
33. Ratio between net income after taxes and total owners' equity; also known as return on equity
Market
positioning
return on investment
penetration pricing
34. Ratio between net income after taxes and net sales; also known as profit margin
utility
price
Divestiture
return on sales
35. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Management
sales promotion approach
Business Plan
positioning
36. Markets focus on increasing the product's market share
growth stage
pull strategy
methods of finance for an expanding business
Crisis Management
37. Direct communication other than personal sales contacts designed to effect a measurable response
methods of finance for an expanding business
North American Free Trade Agreement (NAFTA)
penetration pricing
direct marketing
38. Goal set for the very near future
Authority
discount pricing
Short-Term Goal
Statutory Law
39. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
personal selling
budget
private brands
Purpose of Strategic Planning
40. Being accountable or being able to justify an action
Maslow's hierarchy of needs
responsibility
Stockholder (or Shareholder)
current assets
41. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
inside board members
Leading
Flat Organizational Structure
Gross Domestic Product (GDP)
42. Compensation other than wages and salaries
break-even analysis
risks of product-line extensions
Benefits
Organizational Structure
43. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
Environmental Analysis
Limited Liability Corporation (LLC)
owner's equity equation
Extension
44. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
financial management
growth strategies
Exchange Rate
Theory Z
45. Measures income earned on owners' investment - formula: Net income/total owners' equity
return on equity ratio
assume that all workers are content with their work
Nepotism
stealth marketing
46. Identification and marketing of a social issues - cause - or idea to selected target markets
Wholesaler
marketing research
inventory turnover ratio
cause-related marketing
47. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
utility
Unlimited Liability
unity of command
methods of finance for an expanding business
48. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
need
Mass Production
opportunity cost
integrated marketing communications
49. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
quick ratio
S Corporation
news release
50. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
Capitalism
price based pricing
penetration pricing
customer service