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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. Marketers focus on stimulating demand for the new product
premiums
unity of command
Organizational Structure
introductory stage
2. Power of a good or services to satisfy a human need
Top Manager
Centralized Organization
utility
owner's equity equation
3. Promotional campaigns that send information only to those people who've specifically asked to receive it
Supply
permission marketing
Human Resource Management (HRM)
customer buying behavior
4. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
Decision-Making Skills
psychographics
introductory stage
widgets
5. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
price elasticity
owner's equity equation
point-of-purchase display
Price Fixing
6. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Authority
Affirmative Action
Prime Rate
Identity Influence
7. Arises when group members recognize that the leader has special expertise in the area
Collusion
Expert Influence
Limited Partnership
Safety
8. This law guards against false advertising.
Wheeler-Lea Act of 1938
theory x
pull strategy
vertical analysis
9. This level of management includes department heads and district sales managers.
brand extension
middle management
methods of finance for an expanding business
accounting equation
10. Ratios that measure a firm's reliance on debt financing of its operations
functional strategies
vertical analysis
debt ratios
loss-leader pricing
11. Pricing selling one product at a loss as a way to entice customers to consider other products
Sole Proprietership
transaction
5 C's
loss-leader
12. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
Strategy
benchmarking
form utility
brand
13. Activities producing intangible and tangible products - such as entertainment - transportation - and education
line organization
Service Operations (Service Production)
5 C's
opportunity cost
14. Brands that have been given legal protection so that their owners have exclusive rights to their use
Stockholder (or Shareholder)
Labor Relations
Joint Venture
trademarks
15. A business that is involvec with moving goods from producers to consumers
Marketer
Quid Pro Quo Harassment
opportunity cost
Goals
16. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
auction
Services
fixed assets
Recession
17. The combined use of tactical and strategic management
activity ratios
product mix
Sarbanes-Oxley Act of 2002 (Sarbox)
Mixed Management
18. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Restructuring
Mass Production
Long-range or strategic planning
variable costs
19. Systems for moving goods and services from producers to customers; also known as marketing channels
Regulatory (Administrative) Law
Chain of Command
loss-leader pricing
distribution channels
20. 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
forecasting
Exchange Rate
Service Operations (Service Production)
marketing research
21. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
persuasive advertising
net income
SWOT analysis
opportunity cost
22. Strategy whereby a firm sells one or more of its business units
Benefits
Depression
Recession
Divestiture
23. Ethical or unethical behaviors by employees in the context of their jobs
Acquisition
cash basis
primary factors of market segmentation
Business Ethics
24. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
cause-related marketing
Socialism
schematic of marketing process
advertising approach
25. Marketing efforts to attract people and organizations to a particular geographical area
Laws
authority
steps in the strategic marketing planning process
place marketing
26. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
why companies learn about customers so they can stay in touch with their current needs and wants
quick ratio
marketing strategy
Oligopoly
27. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
Nepotism
Safety
Gross National Product (GNP)
quality control circles
28. Method of calculating the minimum volume of sales needed at a given price to cover all costs
ratio analysis
Theory Z
3 Economic Role
break-even analysis
29. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
Strategic Management
Human Resource Management (HRM)
Industrial Goods
Goal
30. A document - generally issued by a state government - giving permission to start a corporation
market
Globalization
Certificate of Incorporation
Universal Product Codes
31. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
Chain of Command
categories of customer communication
Exchange Rate
current assets
32. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
Venture Capital Company
risks of product-line extensions
media
news conference
33. Use of quantitative measures to evaluate a firm's financial performance - compares two elements from the same year's financial figures; computed by divided one element of a financial statement by another
levels of brand loyalty
Human Resource Management (HRM)
Sexual Harassment
ratio analysis
34. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
rebates
place utility
general expenses
ways to expand a product line
35. An extra amount of time granted to a party to make a payment
Extension
product mix
Specialty Good/Specialty Service
Corporation
36. 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.
Ethics
target markets
Natural monopoly
Matrix Structures
37. Form of a corporation spanning national boundaries
Multinational (or Transnational) Corporation
distribution channels
Flat Organizational Structure
Democratic Leadership Style
38. Goal set for an extended time - typically 5 years or more in the future
Long-Term Goal
test marketing
theory x
functional strategies
39. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
Intellectual Property
expenses
form utility
sales promotion approach
40. Corporation whose stock is held by only a few people and is not available for sale to the general public
Custom Manufacturing
Closely Held (or Private) Corporation
organization behavior modification
depreciation
41. Break-even point = fixed costs/ (selling price - variable costs per unit)
laissez-faire Leadership style
break-even point equation
Limited Partner
Standard of living
42. The action of ensuring that operations produce products that meet specific quality standards
penetration pricing
Quality Control
social commerce
delegate the task
43. Something produced by the intellect or mind that has commercial value
Sarbanes-Oxley Act of 2002 (Sarbox)
Statutory Law
schematic of marketing process
Intellectual Property
44. Portion of a brand that cannot be expressed verbally
brand mark
Board of Directors
empowerment
Organizational Stakeholders
45. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
Affirmative Action
Retailer
Monopoly
liquidity ratios
46. Any 12 consecutive months used as an accounting period
Short-Term Goal
Unlimited Liability
fiscal year
Private enterprise
47. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
Collusion
Mixed Management
geographic segmentation
48. The ability to carry out a task
Common Law
Recession
authority
Universal Product Codes
49. Industry in which one company can most efficiently supply all needed goods or services
Natural monopoly
accounts receivable
Supply Chain (Value Chain)
Short-Term Goal
50. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
brand loyalty
downsizing
product advertising