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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. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Market economy
Decision Making
advertising approach
job rotation
2. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Physical Distribution
positive reinforcement
Quality
point-of-purchase display
3. Products characterized by a plain label - with no advertising and no brand name
General (Active) Partner
current liabilities
growth stage
generic products
4. Discount offered by producers to wholesalers and retailers
Organizational Chart
Recovery
types of utility
trade allowance
5. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
Recession
fixed assets
product advertising
Consumer Goods
6. Amounts that are currently due to a company
categories of customer communication
limitations of marketing research
social media
accounts receivable
7. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
accounts receivable
accounts receivable turnover ratio
common pricing strategies
Unlimited Liability
8. Arises when group members recognize that the leader has special expertise in the area
Expert Influence
Closely Held (or Private) Corporation
brand equity
Collusion
9. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Publicly Held (or Public) Corporation
Monopolistic Competition
Inflation
assets
10. Small groups in the same work area that have scheduled meetings about problems and how to fix them
quality control circles
discount pricing
Exchange Rate
word of mouth
11. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
marketing concept
statement of cash flows
retained earnings
Physical Distribution
12. Informal work groups can affect ____.
Venture Capital Company
productivity - the success of the managers - and the morale of the other employees
quick ratio
market share
13. Wide range of events and activities (including coupons - rebates - contests - in-store demonstrations - free samples - trade shows - and point-of-purchase displays) designed to stimulate interest in a product
sales promotion
assets equation
Contingent Worker
Monopolistic Competition
14. Any 12 consecutive months used as an accounting period
Small Business Administration (SBA)
empowerment
Retailer
fiscal year
15. Offering a temporary reduction in price
discount pricing
time utility
depreciation
consumer promotion
16. Characteristic of centralized companies with multiple layers of management
Universal Product Codes
Industrial Goods
activity ratios
Tall Organizational Structure
17. Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
national brands
productivity - the success of the managers - and the morale of the other employees
Short-range or operational planning
Matrix Structures
18. Physical products purchased by companies to produce other products
job rotation
skim pricing
Industrial Goods
Organizational Chart
19. Agreement to gradually eliminate tariffs and other trade barriers among the United States - Canada - and Mexico
North American Free Trade Agreement (NAFTA)
place utility
elements of a company's marketing mix
personal selling
20. Compensation other than wages and salaries
corporate strategies
persuasive advertising
relationship marketing
Benefits
21. Demographics - psychographics - and geographics
cost of goods sold equation
primary factors of market segmentation
Limited Liability
Marketing
22. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
steps in the strategic marketing planning process
accounts payable
family branding
Oligopoly
23. Measure how well a company is managing assets; two types inventory turnover and accounts receivable turnover
Inflation
Autocratic Leadership style
Physical Distribution
activity ratios
24. Beliefs about what is right or wrong and good or bad in actions that affect others
Business Plan
Ethics
Pure Competition
sales promotion approach
25. Portion of a brand that can be expressed orally - including letters - words - or numbers
Physical Distribution
Inflation
brand names
Unlimited Liability
26. Owner of shares of stock in a corporation
Top Manager
psychographics
management by objectives (MBO)
Stockholder (or Shareholder)
27. Offering several products for a single price that is presumably lower than the total of the products' individual prices
brand managers
bundling
Hostile Work Environment
break-even analysis
28. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
First-Line Manager
Leadership
Outcome-based ethics
Authority
29. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
Whistle Blower
grand strategies
Strategy
Standard of living
30. Sales promotion aimed at final consumers
product
methods of finance for an expanding business
consumer promotion
Reward Influence
31. Act of obtaining a desired object or services from another party by offering something of value in return
exchange process
brand names
Audit
Planning
32. Somethings needed by a community and provided by its government
Public Goods
Labor Relations
categories of customer communication
decision-making role
33. Private funds - partners/shareholders - bank loans - asset leasing and hire purchase - venture capital/business angels - merger capital - retained profits
methods of finance for an expanding business
statement of cash flows
Strategic Alliance
Organizational Stakeholders
34. Economic system that allows individuals to pursue their own interests without undue governmental restriction
return on equity ratio
Private enterprise
Quid Pro Quo Harassment
types of financial ratios
35. Customer value created when someone takes ownership of a product
Top Manager
possession utility
Short-Term Goal
Organizational Chart
36. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
product advertising
Herzberg's two-factor theory
fixed assets
37. Management process of determining what an organization needs to do and how best to get it done
Planning
personal selling
discount pricing
Unemployment
38. Process by which the world is becoming a single interdependent system
Goals
social media approach
Organizational Stakeholders
Globalization
39. An increase in liabilities
Patent
skim pricing
exchange process
debit
40. Delegating more power to employees
brand equity
sales promotion
Services
empowerment
41. Measure of profitability calculated by divided net income after taxes by the average number of shares of common stock outstanding
North American Free Trade Agreement (NAFTA)
earnings per share
Import
assets equation
42. Organization's methods for dealing with emergencies
Crisis Management
discount pricing
Gross Domestic Product (GDP)
Leading
43. Marketing efforts to attract people and organizations to a particular geographical area
unity of command
Specialty Good/Specialty Service
commercialization
place marketing
44. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
relationship marketing
delegate the task
Management
fringe benefit
45. Enactment of federal regulations to restore public trust in accounting practices by imposing new requirements on financial activities in publicly traded corporations
benchmarking
Sarbanes-Oxley Act of 2002 (Sarbox)
Quid Pro Quo Harassment
utility
46. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
price based pricing
Mixed Management
Long-range or strategic planning
Monopolistic competition
47. Intermediary who sells products directly to consumers
cash basis
forecasting
Retailer
return on investment
48. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
Retrenchment
Depression
media
Business (or Competitive) Strategy
49. Charging a high price for a new product during the introductory stage and lowering the price later
Decision Making
Audit
skim pricing
persuasive advertising
50. Top management team of a corporation
media
Officers
maturity stage
Leadership Style