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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. Current assets minus current liabilities
marketing research
working capital
Controlling
online display advertising
2. A group of customer who need or want a particular product and have the money to buy it
sales promotion
variable costs
market
Intellectual Property
3. Tension that exists when a person's beliefs don't match his or her behaviors: a common example is buyer's remorse - when someone regrets a purchase immediately after making it
Supply Chain (Value Chain)
variable costs
transaction
cognitive dissonance
4. Activities producing tangible products such as radios - newspapers - buses and textbooks
Multinational (or Transnational) Corporation
Goods Operations (Goods Production)
time utility
productivity - the success of the managers - and the morale of the other employees
5. Strategic alliance in which the collaboration involves joint ownership of the new venture
Joint Venture
debt financing
grand strategies
Audit
6. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
current liabilities
Variance
Organizing
Divestiture
7. Elimination of rules that restrict business activity
Deregulation
market segmentation
Joint Venture
psychographics
8. Illegal practice of using special knowledge about a firm for profit or gain
marketing research
Depression
trademarks
Insider Trading
9. 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
Physical Distribution
database marketing
vertical analysis
marketable securities
10. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Whistle Blower
Swot Analysis
Statutory Law
Supply
11. Government agency charged with assisting small businesses - a govt agency that helps small business owners develop business plan and obtain financing and other support for their companies
job rotation
Small Business Administration (SBA)
Publicly Held (or Public) Corporation
Business Plan
12. Rewarded for good performance; something the employee likes is praised
Expert Influence
stages in the life cycle of a product
positive reinforcement
price based pricing
13. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
price based pricing
marketing mix
Planning
14. Process of scanning the business environment for threats and opportunities
Environmental Analysis
price elasticity
demographics
equity financing
15. Process by which the world is becoming a single interdependent system
Functional Strategy
Joint Venture
calendar year
Globalization
16. Filling caps in the market - extending the line to include new varieties of existing products - extending the brand to new product categories - and stretching the lien to include lower or higher priced items
accrual basis
ways to expand a product line
Operations (Production) Management
loss-leader pricing
17. Ratios that measure a firm's reliance on debt financing of its operations
distribution channels
Depression
5 C's
debt ratios
18. Alternative plans to be implemented if uncontrollable event occur
advertising approach
contingency plans
Intellectual Property
widgets
19. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
word of mouth
cash basis
Long-Term Goal
20. Top management team of a corporation
profitability ratios
corporate strategies
Officers
Quid Pro Quo Harassment
21. Physical products purchased by consumers for personal use
Consumer Goods
Committee and Team Authority
current liabilities
penetration pricing
22. A business firm that does things for you instead of making or makerting products
Expert Influence
Service Business
owner's equity equation
marketing research
23. 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
Bankruptcy
downsizing
place utility
factors that influence pricing decisions
24. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
World Trade Organization (WTO)
current assets
Business Plan
Long-range or strategic planning
25. Changing jobs or tasks from time to time
sales promotion
time utility
retained earnings
job rotation
26. In a ____ authority originates at the top and moves downward in a line.
line organization
personal sales approach
return on investment
Depression
27. Mechanism for exchange between buyers and sellers of a particular good or service
limitations of marketing research
accounting equation
Market
Standard of living
28. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
market
Marketing
activity ratios
Leadership
29. All the operating expenses associated with marketing goods or services
Exchange Rate
Identity Influence
Management Information System (MIS)
selling expenses
30. The value that a company has built up in a brand
assets equation
brand equity
responsibility
laissez-faire Leadership style
31. Sales volume at a given price that will cover all of a company's costs
assets equation
Theory Z
break-even point
primary factors of market segmentation
32. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Mixed Management
Imperfect Competition
Purchasing Power Party
Stockholder (or Shareholder)
33. Location
advertising approach
geographics
Labor Productivity
working capital
34. Product made or grown abroad but sold domestically
Custom Manufacturing
financial plan
Import
Organizing
35. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
Corporate Strategy
Unlimited Liability
Matrix Structures
fiscal year
36. Business costs that remain constant regardless of the number of units produced
types of utility
calendar year
fixed costs
positive reinforcement
37. Offering a temporary reduction in price
Patent
place utility
credit
discount pricing
38. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
geodemographics
capital budgeting
marketing concept
39. Customer value added by making a product available in a convenient location
place utility
return on equity ratio
close the books
working capital
40. Type of partnership consisting of limited partners and a general (or active) partner
fringe benefit
Limited Partnership
direct marketing
financial control
41. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
stealth marketing
Operations (Production) Management
psychographics
product
42. The process of comparing an organization's products or services and processes with those of another companies
benchmarking
Monopolistic competition
Mass Production
marketing
43. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Leadership
advertising approach
customer buying behavior
statement of cash flows
44. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
financial plan
function of packaging
North American Free Trade Agreement (NAFTA)
social media approach
45. Effective acquisition and use of money
financial plan
personal sales approach
financial management
Affirmative Action
46. Break-even point = fixed costs/ (selling price - variable costs per unit)
customer loyalty
double-entry bookkeeping
Private enterprise
break-even point equation
47. Ratio between net income after taxes and net sales; also known as profit margin
return on sales
Environmental Analysis
Substitute Product
contingency plans
48. An increase in liabilities
owner's equity equation
Chain of Command
grand strategies
debit
49. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
public relations approach
consumer market
Organizational Chart
50. Customer value created by converting raw materials and other inputs into finished goods and services
productivity - the success of the managers - and the morale of the other employees
stealth marketing
form utility
Corporate Strategy