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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. The action of ensuring that operations produce products that meet specific quality standards
function of labels
cause-related marketing
Quality Control
assets
2. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
Mixed Management
accrual basis
Audit
3. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
Goods Operations (Goods Production)
Service Operations (Service Production)
Retailer
Imperfect Competition
4. Building a specific and unique product to meet the needs of one consumer
Intellectual Property
Variance
Custom Manufacturing
Controlling
5. The ability to carry out a task
Acquisition
Planning
place utility
authority
6. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
search advertising
trademarks
how companies learn about customer
Market economy
7. 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
Gross National Product (GNP)
elements of a company's marketing mix
Private enterprise
Unemployment
8. Specification of the jobs to be done within an organization and the ways in which they relate to one another
national brands
General (Active) Partner
Organizational Structure
Policy
9. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
brand managers
Theory Z
Socialism
Gross National Product (GNP)
10. 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
Monopoly
marketing
Labor Union
Autocratic Leadership style
11. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
sales promotion
Middle Manager
Quid Pro Quo Harassment
Goods Operations (Goods Production)
12. Any 12 consecutive months used as an accounting period
debt-to-total-assets ratio
fiscal year
earnings per share
schematic of marketing process
13. When a task is too time consuming for a manager to handle alone - he or she may ____.
market share
delegate the task
Chief Executive Officer (CEO)
Functional Strategy
14. The benefit lost from the next best alternative; what you have to give up - to get what you want or need the most
Publicly Held (or Public) Corporation
opportunity cost
Manufacturer
Limited Partnership
15. Statement or document that defines the direction and scope of the promotional activities that a company will use to meet its marketing objectives
Supply
promotional strategy
discount pricing
push strategy
16. Obligations that fall due more than a year from the date of the balance sheet - Loans - leases - and bonds
Recession
long-term liabilities
primary factors of market segmentation
it produces the greatest amount of good for the greatest number
17. A large number of identical products are assembled using a continuous - efficient procedure
product line
Mass Production
Tactical Management
inside board members
18. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
retained earnings
Committee and Team Authority
Three reasons nations trade
break-even point
19. Customer value added by making a product available at a convenient time
functional strategies
elements of a company's marketing mix
Environmental Analysis
time utility
20. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
geographics
product
sales promotion
21. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Stockholder (or Shareholder)
wants
Organizational Stakeholders
why companies learn about customers so they can stay in touch with their current needs and wants
22. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
Franchise
test marketing
Autocratic Leadership style
23. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
gross profit
financial control
Chief Executive Officer (CEO)
middle management
24. Activities producing intangible and tangible products - such as entertainment - transportation - and education
empowerment
debit
Policy
Service Operations (Service Production)
25. Management process of monotoring an organization's performance to ensure that it is meeting its goals
promotion
Controlling
types of utility
retained earnings
26. Intermediary who sells products to other businesses for resale to final consumers
Organizational Structure
Competition
Wholesaler
Merger
27. A firm's portion of the total sales in a market
break-even analysis
market share
specialty advertising
Long-range or strategic planning
28. Physical products purchased by consumers for personal use
Consumer Goods
social commerce
Middle Manager
trademarks
29. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
long-term liabilities
Standard of living
owner's equity
place utility
30. Compensation other than wages and salaries
consumer promotion
accounts receivable
Committee and Team Authority
Benefits
31. Accounting method in which revenue is recorded when a sale is made and expense is recorded when it is incurred
accounts payable
accrual basis
Herzberg's two-factor theory
expenses
32. Communications channels - such as newspapers - radio - and television
Matrix Structures
place utility
Position Influence
media
33. S- strengths W- weaknesses O- opportunities T- threats - strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company
market segmentation
Exchange Rate
return on equity ratio
SWOT analysis
34. The value that a company has built up in a brand
elements of a company's marketing mix
brand equity
social commerce
form utility
35. The state of being certain that adverse effects will not be caused by some agent under defined conditions
point-of-purchase display
Centralized Organization
Patent
Safety
36. Mix of people in organizations in terms of essential/demographic status
3 Economic Role
Workplace Diversity
Inflation
organization behavior modification
37. The way a manager teats and directs employees
Leadership Style
penetration pricing
Processing
Tactical Management
38. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Purpose of Strategic Planning
demographics
Oligopoly
Monopolistic competition
39. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Corporate Bond
Mission Statement
family branding
Copyright
40. Media: networks - audience: potential buyers - intensity: passive/active - purpose: inform - persuade - remind
skim pricing
word of mouth
social media approach
Safety
41. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
price based pricing
Organizational Stakeholders
Capitalism
telemarketing
42. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
World Trade Organization (WTO)
Sole Proprietership
trade allowance
direct marketing approach
43. Expensive - rarely purchased good or service
Specialty Good/Specialty Service
Monopolistic Competition
accounting equation
bundling
44. Strategy in which two or more organizations collaborate on a project for mutual gain
Globalization
private brands
market segmentation
Strategic Alliance
45. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Market
Acquisition
Strategy
product line
46. Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts
consumer market
ratio analysis
Organizing
General Partnership
47. Legal principal holding investors liable for a firm's debts only to the limits of their personal investments in it
Limited Liability
Collusion
grand strategies
Acquisition
48. Portion of a brand that cannot be expressed verbally
financial control
responsibility
stages of product development
brand mark
49. Transferring work to another country
Out-sourcing
Benefits
theory y
benchmarking
50. 12 month accounting period that begins on January 1 and ends on December 31
calendar year
search advertising
accounts receivable turnover ratio
management by objectives (MBO)