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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. Management process of determining what an organization needs to do and how best to get it done
authority
Extension
quality control circles
Planning
2. Provides protection for the product - makes products easier to display - and attracts attention
ratio analysis
Convenience Good/Convenience Service
ways to expand a product line
function of packaging
3. The way a manager teats and directs employees
selling expenses
Planning
Leadership Style
accounts receivable turnover ratio
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
Limited Partner
Work Specialization
personal selling
pull strategy
5. Sales promotion aimed at final consumers
Service Operations (Service Production)
Venture Capital Company
consumer promotion
Merger
6. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Pure Competition
inside board members
Multinational (or Transnational) Corporation
revenues
7. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
Position Influence
Leadership Style
personal sales approach
Deregulation
8. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
horizontal analysis
it produces the greatest amount of good for the greatest number
earnings per share
product advertising
9. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
brand extension
Ethics
geodemographics
negative reinforcement
10. Offering several products for a single price that is presumably lower than the total of the products' individual prices
statement of cash flows
bundling
organization behavior modification
brand managers
11. Charging a high price for a new product during the introductory stage and lowering the price later
debt ratios
co-branding
skim pricing
form utility
12. Offering a temporary reduction in price
fixed assets
Marketer
discount pricing
Workplace Diversity
13. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Business Cycle
Limited Liability
liquidity ratios
14. Personal communication between a seller and one or more potential buyers
personal selling
Multinational (or Transnational) Corporation
Statutory Law
Unethical Behavior
15. A leadership style where the manager is directive and controlling
Tactical Management
Goals
Management
Flat Organizational Structure
16. Specific customer groups or segments to whom a company wants to sell a particular product
European Union (EU)
Price Fixing
target markets
time utility
17. Form of nonstore retailing in which the telephone is used to sell directly to consumers
test marketing
premiums
Capitalism
Telemarketing
18. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Merger
institutional advertising
Collusion
Retailer
19. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
decision-making role
commercialization
Retrenchment
marketing
20. Statement of a firm's financial position on a particular date; also known as a statement of financial position
geographic segmentation
balance sheet
decision-making role
co-branding
21. Bar codes on product packages that provide information read by optical scanners
specialty advertising
cognitive dissonance
utility
Universal Product Codes
22. Hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
trade promotions
Limited Liability Corporation (LLC)
geodemographics
accrual basis
23. Intermediary who sells products directly to consumers
corporate strategies
Retailer
Herzberg's two-factor theory
European Union (EU)
24. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Common Law
positioning
Organizational Structure
Imperfect Competition
25. Continually adjusting prices to reflect changes in supply and demand
dynamic pricing
cash basis
penetration pricing
European Union (EU)
26. Form - time - place - possession
Common Law
advertising
types of utility
Acquisition
27. Activities needed to move a product efficiently from manufacturer to consumer
Corporate Governance
Capitalism
utility
Physical Distribution
28. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
schematic of marketing process
co-branding
management by objectives (MBO)
retained earnings
29. Informal work groups can affect ____.
productivity - the success of the managers - and the morale of the other employees
corporate strategies
Officers
negative reinforcement
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
North American Free Trade Agreement (NAFTA)
market share
3 Economic Role
Contingent Worker
31. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
positive reinforcement
Matrix Structures
responsibilities of a financial manager
direct marketing approach
32. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Long-Term Goal
Strategic Alliance
sales promotion approach
widgets
33. People are internally motivated
public relations
theory y
negative reinforcement
Identity Influence
34. Intermediary who sells products to other businesses for resale to final consumers
middle management
Wholesaler
fiscal year
cost of goods sold
35. Identification and marketing of a social issues - cause - or idea to selected target markets
public relations approach
cause-related marketing
Supply Chain (Value Chain)
Board of Directors
36. A sustained increase in the general level of prices
Inflation
Deregulation
Natural monopoly
Decision-Making Skills
37. Strategic alliance in which the collaboration involves joint ownership of the new venture
form utility
Bankruptcy
Capitalism
Joint 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
Monopolistic competition
Copyright
marketing research
skim pricing
39. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
liabilities
common pricing strategies
marketing strategy
5 C's
40. Activities producing tangible products such as radios - newspapers - buses and textbooks
dynamic pricing
Goods Operations (Goods Production)
credit
communication mix
41. Unwelcome sexual advances in the workplace
categories of customer communication
line organization
Top Manager
Sexual Harassment
42. Because production occurs continuously throughout the year - the 3-M company can best be described as using ____.
Price Fixing
a continuous-flow operating system
Privatization
Span of Control
43. The union of two corporations to form a new corporation
Outcome-based ethics
cost based pricing
Benefits
Merger
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
Prosperity
ways to expand a product line
persuasive advertising
Accountability
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
marketing concept
Affirmative Action
equity financing
First-Line Manager
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
market segmentation
Affirmative Action
Long-range or strategic planning
balance sheet
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
factors that influence pricing decisions
word of mouth
auction pricing
cost of goods sold equation
49. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
Organizational Stakeholders
pull strategy
Physical Distribution
Public Goods
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
trade allowance
Supply Chain (Value Chain)
certain disabilities and illnesses
cost based pricing
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