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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. An action is morally correct - when - among the people it affects...
Inflation
it produces the greatest amount of good for the greatest number
methods of finance for an expanding business
social media
2. The phase in which unemployment begins to decrease. demand for goods and services increase - and GDP begins to rise
test marketing
personal sales approach
Gross National Product (GNP)
Recovery
3. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Globalization
price elasticity
gross profit
geographic segmentation
4. The level of joblessness among people actively seeking work in an economic system
Unemployment
Safety
operating expenses
Globalization
5. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
marketing research
Leadership
specialty advertising
Environmental Analysis
6. Categorization of customers according to their geographical location
brand
geographic segmentation
penetration pricing
Supply
7. Marketing efforts to attract people and organizations to a particular geographical area
promotional strategy
brand mark
place marketing
cost based pricing
8. A large number of identical products are assembled using a continuous - efficient procedure
Mass Production
functional strategies
Mixed Management
Demand
9. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
cost based pricing
decision-making role
Nepotism
Demand
10. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
close the books
S Corporation
Whistle Blower
Leading
11. A Theory Y manager is most likely to ____.
communication mix
assume that all workers are content with their work
organization behavior modification
cost of goods sold equation
12. 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
Unlimited Liability
permission-based marketing
Goals
Tactical Management
13. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Consumer Goods
Gross Domestic Product (GDP)
Ethical Behavior
possession utility
14. 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
product line
cognitive dissonance
wants
General (Active) Partner
15. 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
time utility
Tactical Management
Audit
marketing research
16. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
Contingent Worker
Labor Relations
public relations
selling expenses
17. Process through which a manager allocates work to subordinates
General Partnership
Delegation
Consumer Goods
advertising
18. When organizations change raw materials into finished goods
Recession
Depression
growth through direction state
form utility
19. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
organization behavior modification
Gross National Product (GNP)
Acquisition
depreciation
20. Selling or supporting the sales process over the telephone
communication mix
organization behavior modification
telemarketing
test marketing
21. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
form utility
price elasticity
Contingent Worker
Chain of Command
22. Identification and marketing of a social issues - cause - or idea to selected target markets
Strategic Management
how companies learn about customer
Maslow's hierarchy of needs
cause-related marketing
23. Inexpensive good or service purchased and consumed rapidly and regularly
Sexual Harassment
Flat Organizational Structure
Convenience Good/Convenience Service
brand loyalty
24. 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
3 Economic Role
Middle Manager
responsibilities of a financial manager
Business Cycle
25. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
growth stage
Theory Z
Public Goods
cost based pricing
26. 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
Small Business Administration (SBA)
Real GDP
Depression
current assets
27. Positive reinforcement - negative reinforcement - punishment
marketing
organization behavior modification
stealth marketing
Procedure
28. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Prime Rate
Centralized Organization
Organization Chart
telemarketing
29. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
national brands
Exchange Rate
loss-leader
auction pricing
30. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Centralized Organization
Strategy
unity of command
Decentralized Organization
31. Manager responsible for implementing the strategies and working toward the goals set by top managers
objectives
cost of goods sold
Stockholder (or Shareholder)
Middle Manager
32. Power to make the decisions necessary to complete a task
accounting equation
merger
Authority
place marketing
33. Transferring work to another country
Out-sourcing
place utility
Perfect competition
Laws
34. Group of individuals working together to achieve shared job-related goals - such as higher pay - shorter working hours - more job security - greater benefits - or better working conditions
brand equity
Position Influence
Labor Union
SWOT analysis
35. Systems for moving goods and services from producers to customers; also known as marketing channels
debt ratios
quality control circles
contingency plans
distribution channels
36. In bookkeeping - an increase in assets
loss-leader
credit
time utility
Universal Product Codes
37. Product - price - distribution - customer communication
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38. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
social media approach
S Corporation
responsibility
why companies learn about customers so they can stay in touch with their current needs and wants
39. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Business (or Competitive) Strategy
stealth marketing
national brands
merger
40. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Position Influence
Safety
SWOT analysis
Retailer
41. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
Corporate Bond
rebates
financial plan
geodemographics
42. Obligations that must be next within a year
cost of goods sold equation
current liabilities
contingency plans
Wheeler-Lea Act of 1938
43. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Ethics
Standard of living
Maslow's hierarchy of needs
Purchasing Power Party
44. A group of customer who need or want a particular product and have the money to buy it
Regulatory (Administrative) Law
current liabilities
transaction
market
45. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
consumer promotion
Market
financial control
it produces the greatest amount of good for the greatest number
46. All the operating expenses associated with marketing goods or services
Certificate of Incorporation
selling expenses
organization behavior modification
Mission Statement
47. A sustained increase in the general level of prices
Inflation
reminder advertising
Regulatory (Administrative) Law
Organizational Stakeholders
48. Cost-based pricing - price-based pricing - optimal pricing - skim pricing - penetration pricing - loss-leader pricing - auction pricing
Merger
common pricing strategies
Organizational Structure
General Partnership
49. Promotional campaigns that send information only to those people who've specifically asked to receive it
customer buying behavior
Certificate of Incorporation
search advertising
permission marketing
50. Sales volume at a given price that will cover all of a company's costs
Services
Authority
break-even point
vertical analysis