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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. Wide variety of persuasive techniques used by companies to communicate with their target markets and the general public
promotion
downsizing
Controlling
Custom Manufacturing
2. The value that a company has built up in a brand
Business (or Competitive) Strategy
Mission Statement
assume that all workers are content with their work
brand equity
3. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
psychographics
Outcome-based ethics
Short-range or operational planning
assets
4. Authority granted to committees or teams involved in a firm's daily operations
Monopoly
public relations
Committee and Team Authority
Statutory Law
5. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Quality
growth strategies
Outcome-based ethics
types of financial ratios
6. Marketers focus on stimulating demand for the new product
stages in the life cycle of a product
Chain of Command
Common Law
introductory stage
7. Positive reinforcement - negative reinforcement - punishment
budget
Unlimited Liability
Convenience Good/Convenience Service
organization behavior modification
8. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
management by objectives (MBO)
fringe benefit
marketing concept
9. Location
Top Manager
geographics
Accountability
Corporate Bond
10. Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments
customer buying behavior
personal sales approach
Corporation
behavioral segmentation
11. Offering several products for a single price that is presumably lower than the total of the products' individual prices
Extractor
Quality Control
bundling
online display advertising
12. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
elements of a company's marketing mix
functional strategies
Leadership
13. Management process of guiding and motivating employees to meet an organization's objectives
Deregulation
Leading
Business Plan
owner's equity equation
14. 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
test marketing
Tall Organizational Structure
ratio analysis
Acquisition
15. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Top Manager
Corporate Strategy
Mass Production
Organizational Stakeholders
16. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
fringe benefit
Unlimited Liability
Three reasons nations trade
pull strategy
17. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Monopoly
social commerce
Publicly Held (or Public) Corporation
break-even point
18. Manager responsible for supervising the work of employees
Goal
unity of command
First-Line Manager
Business (or Competitive) Strategy
19. Categorization of customers according to their geographical location
cash basis
Management
Mission Statement
geographic segmentation
20. The process in which managers and their employees jointly set objectives for the employees - periodically evaluate performance - and reward according to the results
price elasticity
Joint Venture
Corporate Strategy
management by objectives (MBO)
21. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
it produces the greatest amount of good for the greatest number
Short-range or operational planning
introductory stage
Work Specialization
22. Demographics - psychographics - and geographics
Information Technology (IT)
Affirmative Action
Convenience Good/Convenience Service
primary factors of market segmentation
23. Choosing one alternative from among several options
categories of customer communication
Decision Making
Prime Rate
distribution channels
24. Ratio between net income after taxes and net sales; also known as profit margin
Procedure
middle management
Bankruptcy
return on sales
25. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
auction pricing
budget
Whistle Blower
Variance
26. Strategy whereby a firm sells one or more of its business units
expenses
Divestiture
Restructuring
Limited Partner
27. Making decisions without consulting anyone
Autocratic Leadership style
target markets
Merger
Unlimited Liability
28. People are lazy
Nepotism
Telemarketing
Real GDP
theory x
29. Individuals or households that buy goods and services for personal use
auction
Insider Trading
Information Technology (IT)
consumer market
30. Online ads that are linked to search engine results or website content
double-entry bookkeeping
accounts receivable
SWOT analysis
search advertising
31. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
Short-Term Goal
social commerce
reminder advertising
32. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Purchasing Power Party
inside board members
stealth marketing
Information Technology (IT)
33. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
news release
credit
budget
depreciation
34. Changes the form of material so they can be consumed or used to manufacture other products
Processing
types of utility
search advertising
fiscal year
35. Top management team of a corporation
Officers
Competition
Sarbanes-Oxley Act of 2002 (Sarbox)
Long-range or strategic planning
36. Market or industry characterized by numerous small firms producing an identical product
Perfect competition
owner's equity equation
depreciation
debt-to-equity ratio
37. 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
Centralized Organization
Labor Union
limitations of marketing research
national brands
38. Method of calculating the minimum volume of sales needed at a given price to cover all costs
market segmentation
break-even analysis
Policy
direct marketing approach
39. Markets focus on increasing the product's market share
levels of brand loyalty
Service Business
Decision Making
growth stage
40. Particular blend of personal selling - advertising - direct marketing - sales promotion - and public relations that a company uses to reach potential customers
Acquisition
Depression
productivity - the success of the managers - and the morale of the other employees
communication mix
41. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
transaction
Goal
Purpose of Strategic Planning
accrual basis
42. 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
why companies learn about customers so they can stay in touch with their current needs and wants
trade promotions
Monopolistic Competition
Joint Venture
43. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Mission Statement
word of mouth
direct marketing approach
Monopolistic competition
44. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Officers
marketing concept
Out-sourcing
relationship marketing
45. The willingness and ability of producers to offer a good or service for sale
Marketing
stages of product development
Supply
skim pricing
46. Complete list of all products that a company offers for sale
form utility
Manufacturer
market share
product mix
47. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
horizontal analysis
Private enterprise
introductory stage
Goal
48. The marketer must decide whether to keep the product and reduce its costs to compensate for declining sales or to discontinue it
break-even point
Manufacturer
Corporate Strategy
decline stage
49. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
Standard of Living
stages of product development
gross profit
accounting equation
50. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
loss-leader pricing
promotional strategy
Environmental Analysis
bundling