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Test your basic knowledge |
Business Fundamentals
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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. Break-even point = fixed costs/ (selling price - variable costs per unit)
benchmarking
Purpose of Strategic Planning
budget
break-even point equation
2. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
current assets
Service Operations (Service Production)
push strategy
cost based pricing
3. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
equity financing
function of labels
generic products
Philosophy
4. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Privatization
stages of product development
steps in the strategic marketing planning process
Ethics
5. Cash and items that can be turned into cash within one year
organization behavior modification
3 Economic Role
current assets
Standard of living
6. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
specialty advertising
Intellectual Property
trade promotions
Procedure
7. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
institutional advertising
Herzberg's two-factor theory
product advertising
8. Exchange of value between parties
stages in the life cycle of a product
transaction
retained earnings
current assets
9. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
public relations
market share
theory x
organizational market
10. Process for evaluating proposed investments in select projects that provide the best long-term financial return
capital budgeting
net income
management by objectives (MBO)
Standard of Living
11. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
Closely Held (or Private) Corporation
Real GDP
Processing
Universal Product Codes
12. Senior company managers who serve on the company's board of directors are known as ____.
price elasticity
inside board members
time utility
Multinational (or Transnational) Corporation
13. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
database marketing
maturity stage
Whistle Blower
Retailer
14. Statement of a firm's financial position on a particular date; also known as a statement of financial position
point-of-purchase display
geodemographics
balance sheet
Whistle Blower
15. Identification and marketing of a social issues - cause - or idea to selected target markets
geographics
auction
Officers
cause-related marketing
16. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
skim pricing
Strategy
debt-to-total-assets ratio
decline stage
17. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Environmental Analysis
sales promotion approach
budget
Variance
18. The quantity of a good that an average worker can produce in an hour
debit
Top Manager
how companies learn about customer
Labor Productivity
19. Product development stage in which a product is sold on a limited basis - a trial introduction
authority
test marketing
brand equity
private brands
20. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Labor Productivity
discount pricing
Long-range or strategic planning
Strategy
21. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
financial management
Policy
time utility
Leadership
22. Alternative plans to be implemented if uncontrollable event occur
Organizational Structure
contingency plans
earnings per share
inventory turnover ratio
23. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Unethical Behavior
marketing
communication mix
Labor Relations
24. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
calendar year
Business (or Competitive) Strategy
Depression
Functional Strategy
25. The union of two corporations to form a new corporation
Decision Making
Merger
current assets
Goals
26. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
exchange process
Short-range or operational planning
revenues
accounts receivable
27. Elimination of rules that restrict business activity
Decision Making
Deregulation
risks of product-line extensions
Democratic Leadership Style
28. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Chief Executive Officer (CEO)
debt-to-equity ratio
Small Business Administration (SBA)
Quality
29. Products characterized by a plain label - with no advertising and no brand name
generic products
theory y
permission-based marketing
product line
30. Any 12 consecutive months used as an accounting period
5 C's
fiscal year
inventory turnover ratio
Democratic Leadership Style
31. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
market segmentation
stealth marketing
trade promotions
Mixed Management
32. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Unemployment
quick ratio
ways to expand a product line
middle management
33. Demographics - psychographics - and geographics
retained earnings
primary factors of market segmentation
positioning
strategic marketing planning
34. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
place marketing
Insider Trading
strategic marketing planning
management by objectives (MBO)
35. Transferring work to another country
Out-sourcing
Corporation
trade allowance
Depression
36. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
Hostile Work Environment
financial management
generic products
Position Influence
37. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Manufacturer
Capitalism
Unlimited Liability
discount pricing
38. Certificates that offer discounts on particular items and are redeemed at the time of purchase
Import
Goal
brand equity
coupons
39. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
brand
Monopolistic Competition
utility
Joint Venture
40. Intermediary who sells products directly to consumers
Retailer
Retrenchment
delegate the task
Imperfect Competition
41. All the operating expenses associated with marketing goods or services
brand loyalty
selling expenses
Private enterprise
transaction
42. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
product advertising
wants
stages in the life cycle of a product
liquidity ratios
43. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
Extension
Wheeler-Lea Act of 1938
permission-based marketing
44. Assets - liabilities = owner's equity
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45. The four key elements of marketing strategy: product - price - distribution - and promotion
Stockholder (or Shareholder)
marketing mix
3 Economic Role
Monopolistic Competition
46. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
First-Line Manager
Depression
assume that all workers are content with their work
Marketing
47. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
General (Active) Partner
Imperfect Competition
Environmental Analysis
sales promotion approach
48. Process by which the world is becoming a single interdependent system
Globalization
Corporation
time utility
Stockholder (or Shareholder)
49. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
inventory turnover ratio
Exchange Rate
marketing research
Organizational Chart
50. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
objectives
brand
working capital
trade allowance
Can you answer 50 questions in 15 minutes?
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