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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. Brands that have been given legal protection so that their owners have exclusive rights to their use
premiums
Information Technology (IT)
risks of product-line extensions
trademarks
2. Occurs when widespread price increases occur throughout an economic system
Supply Chain (Value Chain)
Monopoly
Inflation
permission marketing
3. Represents how many employees the manager is responsible for in the organization - Narrow spans of control allow managers to be much more hands-on with employees.
Monopolistic Competition
Span of Control
long-term liabilities
Telemarketing
4. 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
Delegation
Industrial Goods
vertical analysis
growth strategies
5. Alternative plans to be implemented if uncontrollable event occur
contingency plans
Quid Pro Quo Harassment
Expert Influence
Span of Control
6. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Sarbanes-Oxley Act of 2002 (Sarbox)
theory y
maturity stage
Collusion
7. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
marketing strategy
penetration pricing
Management Information System (MIS)
common pricing strategies
8. In bookkeeping - an increase in assets
Pure Competition
function of packaging
Quid Pro Quo Harassment
credit
9. Customer value added by making a product available at a convenient time
time utility
activity ratios
communication mix
Purpose of Strategic Planning
10. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
Monopolistic Competition
how companies learn about customer
brand equity
11. Changes the form of material so they can be consumed or used to manufacture other products
Pure Competition
Processing
accounts payable
Marketing
12. Corporation whose stock is held by only a few people and is not available for sale to the general public
psychographics
Philosophy
penetration pricing
Closely Held (or Private) Corporation
13. All the operating expenses associated with marketing goods or services
Purchasing Power Party
Convenience Good/Convenience Service
selling expenses
Labor Productivity
14. This law guards against false advertising.
Wheeler-Lea Act of 1938
Corporate Bond
operating expenses
Import
15. Something that the employee dislikes is taken away
Affirmative Action
relationship marketing
negative reinforcement
Telemarketing
16. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
accrual basis
decline stage
Long-Term Goal
Natural monopoly
17. The level of joblessness among people actively seeking work in an economic system
Span of Control
it produces the greatest amount of good for the greatest number
Unemployment
brand equity
18. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
responsibility
Controlling
trade promotions
news release
19. Advertising intended to remind existing customers of a product's availability and benefits
cost of goods sold equation
reminder advertising
Tall Organizational Structure
product line
20. The creation and sharing of product-related information among customers and potential customers
utility
social commerce
Audit
Closely Held (or Private) Corporation
21. Ratio between net income after taxes and net sales; also known as profit margin
3 Economic Role
return on sales
product
marketing mix
22. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Middle Manager
price elasticity
contract
geographics
23. A business that is involvec with moving goods from producers to consumers
Ethics
loss-leader
Position Influence
Marketer
24. Media: person to person - telephone - web; audience: small groups; intensity: high; purpose: inform - persuade
steps in the strategic marketing planning process
empowerment
personal sales approach
Venture Capital Company
25. Measure of a firm's ability to carry long-term debt - calculated by divided total liabilities by total assets
customer loyalty
profitability ratios
stages in the life cycle of a product
debt-to-total-assets ratio
26. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
family branding
strategic marketing planning
Expert Influence
Philosophy
27. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Outcome-based ethics
marketing concept
Business (or Competitive) Strategy
Goods Operations (Goods Production)
28. Advertising that tries to sell specific goods or services - generally by describing features - benefits - and occasionally - price
Regulatory (Administrative) Law
Corporation
product advertising
risks of product-line extensions
29. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
consumer market
marketing strategy
stages of product development
Purchasing Power Party
30. A document - generally issued by a state government - giving permission to start a corporation
Business Plan
Export
Certificate of Incorporation
laissez-faire Leadership style
31. Senior company managers who serve on the company's board of directors are known as ____.
theory y
owner's equity
inside board members
assets equation
32. Categorization of customers according to their relationship with products or response to product characteristics
Officers
Controlling
behavioral segmentation
maturity stage
33. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
long-term liabilities
financial control
Monopoly
price based pricing
34. The quantity of a good that an average worker can produce in an hour
debt ratios
Corporate Bond
social media approach
Labor Productivity
35. Manager responsible for implementing the strategies and working toward the goals set by top managers
brand names
Long-range or strategic planning
Information Technology (IT)
Middle Manager
36. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
financial management
depreciation
behavioral segmentation
time utility
37. Process of converting government enterprises into privately owned companies
function of labels
Service Operations (Service Production)
Privatization
Environmental Analysis
38. Form of nonstore retailing in which the telephone is used to sell directly to consumers
Extension
market segmentation
Telemarketing
test marketing
39. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
owner's equity equation
operating expenses
Services
laissez-faire Leadership style
40. Pricing selling one product at a loss as a way to entice customers to consider other products
skim pricing
Standard of Living
place utility
loss-leader
41. The process of comparing an organization's products or services and processes with those of another companies
benchmarking
Authority
Goals
laissez-faire Leadership style
42. Individuals or households that buy goods and services for personal use
consumer market
need
Short-range or operational planning
Purchasing Power Party
43. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Authority
Bankruptcy
Prosperity
Controlling
44. Top management team of a corporation
levels of brand loyalty
Officers
Organization Chart
corporate strategies
45. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
middle management
return on equity ratio
corporate strategies
46. Cost of goods sold = beginning inventory + net purchases - ending inventory
cost of goods sold equation
fixed costs
variable costs
social media
47. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Supply
Intellectual Property
Monopoly
marketing mix
48. Discount offered by producers to wholesalers and retailers
Unemployment
Corporate Bond
Hostile Work Environment
trade allowance
49. Activities needed to move a product efficiently from manufacturer to consumer
decline stage
direct marketing
Out-sourcing
Physical Distribution
50. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
responsibilities of a financial manager
break-even point equation
S Corporation
form utility