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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
pull strategy
Tactical Management
primary factors of market segmentation
working capital
2. Form - time - place - possession
types of utility
wants
trade allowance
Regulatory (Administrative) Law
3. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
earnings per share
Philosophy
Flat Organizational Structure
Outcome-based ethics
4. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Mass Production
wants
dynamic pricing
search advertising
5. Partner who actively manages a firm and who has unlimited liability for its debts
brand mark
ratio analysis
General (Active) Partner
break-even point
6. A document - generally issued by a state government - giving permission to start a corporation
Franchise
growth stage
Certificate of Incorporation
Socialism
7. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Supply Chain (Value Chain)
types of financial ratios
Policy
Leadership Style
8. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
test marketing
social media approach
specialty advertising
9. The value that a company has built up in a brand
brand equity
theory y
Workplace Diversity
point-of-purchase display
10. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Mixed Management
personal selling
Limited Liability
organization behavior modification
11. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
geographic segmentation
return on sales
why companies learn about customers so they can stay in touch with their current needs and wants
integrated marketing communications
12. Help identify and distinguish the product - provide information about the product such as ingredients - shelf life - operating procedures - and UPC codes which are used for scanning sales information and monitoring inventory and pricing
Gross Domestic Product (GDP)
function of labels
social commerce
Chain of Command
13. Goal set for an extended time - typically 5 years or more in the future
trade promotions
Sarbanes-Oxley Act of 2002 (Sarbox)
Long-Term Goal
delegate the task
14. Obligations that must be next within a year
current liabilities
horizontal analysis
primary factors of market segmentation
opportunity cost
15. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
co-branding
Purchasing Power Party
assets equation
Nepotism
16. Customer value added by making a product available at a convenient time
social media
marketing mix
types of utility
time utility
17. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
Monopoly
Sarbanes-Oxley Act of 2002 (Sarbox)
news release
push strategy
18. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
activity ratios
Privatization
Recovery
Short-Term Goal
19. 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
Sole Proprietership
selling expenses
commercialization
Small Business Administration (SBA)
20. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Sarbanes-Oxley Act of 2002 (Sarbox)
brand
benchmarking
public relations approach
21. Market or industry characterized by numerous small firms producing an identical product
schematic of marketing process
Corporate Bond
Perfect competition
generic products
22. Small software programs that provide part of the functionality of a website
widgets
theory x
Organizing
customer buying behavior
23. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
widgets
advertising approach
product advertising
methods of finance for an expanding business
24. The combined use of tactical and strategic management
loss-leader
Mixed Management
General Partnership
assets equation
25. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
general expenses
long-term liabilities
levels of brand loyalty
place utility
26. Acquiring funds by selling shares of a company's stock
Contingent Worker
function of packaging
equity financing
geographics
27. The way a manager teats and directs employees
middle management
Business Cycle
activity ratios
Leadership Style
28. Legal principal holding owners responsible for paying off all debts of a business
Joint Venture
communication mix
Unlimited Liability
Hostile Work Environment
29. Making decisions without consulting anyone
Standard of living
ways to expand a product line
generic products
Autocratic Leadership style
30. Under the Americans with Disabilities Act - companies cannot fire or refuse to hire people because of...
public relations approach
advertising
word of mouth
certain disabilities and illnesses
31. 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
accounting equation
sales promotion
vertical analysis
Span of Control
32. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Business Plan
Organization Chart
Recovery
financial control
33. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
contract
family branding
brand equity
activity ratios
34. Confusion results if a person reports to two people at once - according to ____.
Short-Term Goal
schematic of marketing process
communication mix
unity of command
35. Marketers try to extend the life of the product by highlighting improvements or by repackaging the product in different sizes
Acquisition
wants
maturity stage
trade promotions
36. Process by which the world is becoming a single interdependent system
laissez-faire Leadership style
Globalization
auction pricing
Supply Chain (Value Chain)
37. profitability - liquidity - activities - and leverage/debt
types of financial ratios
SWOT analysis
marketing research
product life cycle
38. Takes the extractor's products or raw materials and changs the into a form that consumers can use
Venture Capital Company
earnings per share
Manufacturer
Prime Rate
39. Transferring work to another country
personal selling
Labor Productivity
Private enterprise
Out-sourcing
40. Creating a flatter organization structure normally cutting out middle management
downsizing
fixed assets
Crisis Management
current liabilities
41. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
risks of product-line extensions
psychographics
marketing research
brand
42. Brand awareness - brand preference - brand insistence
levels of brand loyalty
Long-range or strategic planning
stages in the life cycle of a product
financial control
43. Ratios that measure the effectiveness of the firm's use of its resources
certain disabilities and illnesses
Tactical Management
permission-based marketing
activity ratios
44. Brands that carry the label of a retailer or a wholesaler rather than a manufacturer
Mission Statement
private brands
Business Plan
Outsourcing
45. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
accounts payable
stealth marketing
Monopolistic competition
elements of a company's marketing mix
46. A business firm that does things for you instead of making or makerting products
decision-making role
Service Business
Physical Distribution
auction pricing
47. Effective acquisition and use of money
premiums
financial management
Corporate Bond
geodemographics
48. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
consumer promotion
Restructuring
activity ratios
49. Product - price - distribution - customer communication
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50. 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
authority
test marketing
operating expenses