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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. Beliefs about what is right or wrong and good or bad in actions that affect others
form utility
Gross Domestic Product (GDP)
Ethics
Decision Making
2. 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
Corporation
activity ratios
Policy
Top Manager
3. 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
Affirmative Action
sales promotion
point-of-purchase display
Acquisition
4. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
Mission Statement
Outsourcing
Nepotism
trademarks
5. Act of obtaining a desired object or services from another party by offering something of value in return
brand loyalty
license
exchange process
Sexual Harassment
6. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
Patent
marketing research
customer loyalty
stages in the life cycle of a product
7. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
Multinational (or Transnational) Corporation
Information Technology (IT)
Public Goods
8. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
advertising approach
Supply
objectives
market share
9. Objective that a business hopes and plans to achieve
penetration pricing
Goal
news release
Real GDP
10. Customer value created by converting raw materials and other inputs into finished goods and services
exchange process
possession utility
selling expenses
form utility
11. Codified rules of behavior enforced by society
how companies learn about customer
Laws
debt-to-total-assets ratio
earnings per share
12. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
co-branding
growth through direction state
negative reinforcement
customer service
13. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Industrial Goods
Purchasing Power Party
theory x
profitability ratios
14. Market structure that does not meet all conditions of perfect competition - three catagories: monopolistic - oligopoly & monopoly
3 Economic Role
marketing strategy
marketing mix
Imperfect Competition
15. Where products are conveniently placed for customers
middle management
Joint Venture
place utility
Collusion
16. Independent and well informed buyers and sellers of the exact same product (farmers markets)
Globalization
Pure Competition
Universal Product Codes
Extension
17. The price of your nation's currency is in terms of another nation's currency
Monopolistic Competition
Exchange Rate
Affirmative Action
bundling
18. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
Exchange Rate
liquidity ratios
Monopolistic Competition
Imperfect Competition
19. An extra amount of time granted to a party to make a payment
brand extension
Extension
permission marketing
Patent
20. Inexpensive good or service purchased and consumed rapidly and regularly
Convenience Good/Convenience Service
authority
Standard of Living
sales promotion
21. Continually adjusting prices to reflect changes in supply and demand
utility
penetration pricing
dynamic pricing
customer service
22. 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
Monopolistic Competition
Monopoly
Manufacturer
Tactical Management
23. Motivator and hygiene factors need to be met to prevent dissatisfaction
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24. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
negative reinforcement
auction pricing
news release
depreciation
25. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
primary factors of market segmentation
5 C's
cash basis
Variance
26. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Recession
Standard of living
Expert Influence
certain disabilities and illnesses
27. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
limitations of marketing research
Human Resource Management (HRM)
Service Operations (Service Production)
accounts receivable turnover ratio
28. Positive reinforcement - negative reinforcement - punishment
organization behavior modification
Bankruptcy
Chain of Command
Telemarketing
29. Acquiring funds through borrowing
integrated marketing communications
Labor Relations
debt financing
trademarks
30. Group of small investors who invest money in companies with rapid growth potential
Position Influence
corporate strategies
Supply
Venture Capital Company
31. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Retrenchment
current ratio
break-even analysis
merger
32. Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations
Audit
Intellectual Property
penetration pricing
marketing research
33. Demographics - psychographics - and geographics
Mission Statement
liabilities
primary factors of market segmentation
Corporate Strategy
34. 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
function of labels
co-branding
behavioral segmentation
Natural monopoly
35. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Strategic Alliance
elements of a company's marketing mix
word of mouth
point-of-purchase display
36. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
social media approach
marketable securities
gross profit
Unemployment
37. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
Copyright
North American Free Trade Agreement (NAFTA)
fringe benefit
Management Information System (MIS)
38. The union of two corporations to form a new corporation
Bankruptcy
break-even analysis
Limited Partnership
Merger
39. The movement of an economy from one condition to another and back again
Leadership
Business Cycle
Strategy
target markets
40. Management process of determining what an organization needs to do and how best to get it done
return on sales
Planning
grand strategies
accounts payable
41. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
Leadership
accounting equation
telemarketing
permission-based marketing
42. When organizations change raw materials into finished goods
form utility
Authority
decline stage
permission marketing
43. Occurs when two companies form one corporation
accounts receivable turnover ratio
merger
Universal Product Codes
methods of finance for an expanding business
44. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
auction pricing
Leadership
break-even point
benchmarking
45. A phase marked by a prolonged period of high unemployment - weak sales of goods and services - and business failure
capital budgeting
Depression
Patent
distribution channels
46. Characteristic of decentralized companies with relatively few layers of management
Environmental Analysis
Flat Organizational Structure
Merger
marketing concept
47. Study of statistical characteristics of a population
promotional strategy
function of packaging
Recession
demographics
48. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
Environmental Analysis
cost of goods sold
Quality
49. Brands that have been given legal protection so that their owners have exclusive rights to their use
trademarks
strategic marketing planning
Corporation
Limited Partnership
50. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
current ratio
Management
distribution channels
license