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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
widgets
merger
persuasive advertising
permission-based marketing
2. Intermediary who sells products to other businesses for resale to final consumers
Wholesaler
Monopoly
Statutory Law
primary factors of market segmentation
3. Current assets minus current liabilities
Standard of living
maturity stage
social media
working capital
4. Lots of leeway to workers to meet goals
marketing mix
General (Active) Partner
types of financial ratios
laissez-faire Leadership style
5. Customer value created by converting raw materials and other inputs into finished goods and services
form utility
current assets
market segmentation
merger
6. Pricing selling one product at a loss as a way to entice customers to consider other products
brand extension
Span of Control
loss-leader
forecasting
7. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
downsizing
Insider Trading
financial control
Decentralized Organization
8. Process by which the world is becoming a single interdependent system
Functional Strategy
Market economy
Globalization
Limited Partner
9. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Unethical Behavior
Safety
Insider Trading
generic products
10. Claims against a firm's assets by creditors - such as banks and suppliers
psychographics
Universal Product Codes
penetration pricing
liabilities
11. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
place marketing
mission statement
Mission Statement
schematic of marketing process
12. Motivator and hygiene factors need to be met to prevent dissatisfaction
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13. Electronic media that invite participation by the general public
Theory Z
decision-making role
assume that all workers are content with their work
social media
14. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
geodemographics
Business Ethics
Authority
Benefits
15. Product that is dissimilar from those of competitors but than can fulfill the same need
cost of goods sold
Management
trade promotions
Substitute Product
16. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
social commerce
vertical analysis
equity financing
Limited Liability Corporation (LLC)
17. Form of a corporation spanning national boundaries
wants
Democratic Leadership Style
Business (or Competitive) Strategy
Multinational (or Transnational) Corporation
18. Advertising intended to remind existing customers of a product's availability and benefits
types of utility
Globalization
debt-to-total-assets ratio
reminder advertising
19. 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
Competition
auction pricing
Affirmative Action
Natural monopoly
20. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
budget
integrated marketing communications
Perfect competition
Chief Executive Officer (CEO)
21. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Centralized Organization
quick ratio
Depression
Span of Control
22. Portion of a brand that cannot be expressed verbally
dynamic pricing
financial control
Organizational Chart
brand mark
23. This law guards against false advertising.
specialty advertising
private brands
Wheeler-Lea Act of 1938
current ratio
24. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
Demand
how companies learn about customer
theory y
Gross Domestic Product (GDP)
25. 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
expenses
discount pricing
consumer promotion
3 Economic Role
26. Goal set for an extended time - typically 5 years or more in the future
net income
Decision-Making Skills
Functional Strategy
Long-Term Goal
27. People are lazy
Monopoly
accrual basis
Organizational Stakeholders
theory x
28. A group of customer who need or want a particular product and have the money to buy it
ratio analysis
Consumer Goods
budget
market
29. Where products are conveniently placed for customers
break-even point
place utility
Extractor
permission marketing
30. Any 12 consecutive months used as an accounting period
Corporate Governance
Sarbanes-Oxley Act of 2002 (Sarbox)
fiscal year
Telemarketing
31. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Intellectual Property
Organizing
Audit
European Union (EU)
32. Introducing a new product at a low price in hopes of building sales volume quickly
penetration pricing
Manufacturer
elements of a company's marketing mix
Supply Chain (Value Chain)
33. A business that grows products or takes raw material from nature
Maslow's hierarchy of needs
Strategic Management
marketing
Extractor
34. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
maturity stage
current ratio
accounts payable
assume that all workers are content with their work
35. Brands that have been given legal protection so that their owners have exclusive rights to their use
Philosophy
types of utility
trademarks
Authority
36. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
responsibility
it produces the greatest amount of good for the greatest number
Outsourcing
Purchasing Power Party
37. Strategic alliance in which the collaboration involves joint ownership of the new venture
maturity stage
Three reasons nations trade
Joint Venture
Reward Influence
38. Specification of the jobs to be done within an organization and the ways in which they relate to one another
quality control circles
cause-related marketing
direct marketing
Organizational Structure
39. The creation and sharing of product-related information among customers and potential customers
social commerce
Export
Maslow's hierarchy of needs
General Partnership
40. A prolonged and deep recession
why companies learn about customers so they can stay in touch with their current needs and wants
Depression
Bankruptcy
Specialty Good/Specialty Service
41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
Specialty Good/Specialty Service
Human Resource Management (HRM)
product life cycle
earnings per share
42. Nonsales communication that businesses have with their various audiences
limitations of marketing research
public relations
wants
capital budgeting
43. Continually adjusting prices to reflect changes in supply and demand
Physical Distribution
Retrenchment
dynamic pricing
opportunity cost
44. Product made or grown domestically but sold abroad
Leadership
Export
Variance
variable costs
45. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Expert Influence
advertising approach
exchange process
stages in the life cycle of a product
46. A measure of the sensitivity of demand to changes in price
price elasticity
Venture Capital Company
selling expenses
Committee and Team Authority
47. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
personal sales approach
activity ratios
decline stage
social commerce
48. Larger visual and multimedia ads that appear on websites
selling expenses
Officers
Benefits
online display advertising
49. An action is morally correct - when - among the people it affects...
demographics
it produces the greatest amount of good for the greatest number
Board of Directors
social commerce
50. Mix of people in organizations in terms of essential/demographic status
brand mark
variable costs
Workplace Diversity
why companies learn about customers so they can stay in touch with their current needs and wants
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