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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. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
price
marketing strategy
Variance
function of packaging
2. Large-scale production and distribution of a product
brand managers
commercialization
Corporation
Board of Directors
3. Lots of leeway to workers to meet goals
laissez-faire Leadership style
target markets
Monopoly
Theory Z
4. Strategies a company can adopt in order to grow: concentration - backward and forward integration - and related and unrelated diversification
growth strategies
Natural monopoly
Import
steps in the strategic marketing planning process
5. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
advertising
Management Information System (MIS)
Leadership
Flat Organizational Structure
6. The quantity of a good that an average worker can produce in an hour
Labor Productivity
Swot Analysis
marketing strategy
relationship marketing
7. Loss of brand identity and the cannibalization of sales of other products in the product line
time utility
Private enterprise
customer buying behavior
risks of product-line extensions
8. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Services
Globalization
brand managers
Capitalism
9. Nonsales communication that businesses have with their various audiences
long-term liabilities
public relations
Organization Chart
general expenses
10. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
Franchise
Committee and Team Authority
Specialty Good/Specialty Service
Sole Proprietership
11. Elimination of rules that restrict business activity
merger
social commerce
Procedure
Deregulation
12. Alternative plans to be implemented if uncontrollable event occur
contingency plans
institutional advertising
Mixed Management
Processing
13. 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
accounts payable
Merger
Matrix Structures
14. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
job rotation
unity of command
wants
advertising
15. Characteristic of centralized companies with multiple layers of management
Natural monopoly
Tall Organizational Structure
debit
unity of command
16. Charging a high price for a new product during the introductory stage and lowering the price later
private brands
skim pricing
Collusion
Decision-Making Skills
17. Customer (needs/wants) - Company (competencies) - Competitors (who compete in the same markets) - Collaborators (people who increase value) - Context (political - economic - social - technology)
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18. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
institutional advertising
brand managers
Monopoly
steps in the strategic marketing planning process
19. Group of small investors who invest money in companies with rapid growth potential
Supply Chain (Value Chain)
marketing research
objectives
Venture Capital Company
20. Specific customer groups or segments to whom a company wants to sell a particular product
liabilities
Herzberg's two-factor theory
target markets
positioning
21. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
debt ratios
social media
net income
public relations approach
22. Stems from personal trust and respect members have for the leader
Identity Influence
Position Influence
cash basis
direct mail
23. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
Maslow's hierarchy of needs
positioning
marketing strategy
revenues
24. The ability to get others to accoplish tasks because of the position the leader holds
Position Influence
product
Expert Influence
authority
25. Obligation employees have to their manager for the successful completion of an assigned task
function of labels
stages in the life cycle of a product
Accountability
Purchasing Power Party
26. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Services
Import
positioning
market segmentation
27. The purchase of one company by another
balance sheet
Acquisition
authority
profitability ratios
28. Measure of a firm's short-term liquidity - calculated by adding cash - marketable securities - and receivables - then divided that sum by current liabilities; also known as the acid-test ratio
Globalization
penetration pricing
quick ratio
marketing strategy
29. External statistical descriptors such as age - income - gender - and profession
demographics
Retailer
Consumer Goods
equity financing
30. Activities needed to move a product efficiently from manufacturer to consumer
credit
Limited Liability
Physical Distribution
liquidity ratios
31. Accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid
general expenses
Short-Term Goal
cash basis
steps in the strategic marketing planning process
32. The process of comparing an organization's products or services and processes with those of another companies
Limited Partnership
search advertising
Long-Term Goal
benchmarking
33. Physical products purchased by consumers for personal use
World Trade Organization (WTO)
Ethical Behavior
Consumer Goods
Market
34. Rewarded for good performance; something the employee likes is praised
positive reinforcement
debt financing
Board of Directors
Strategic Alliance
35. ____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____ - the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplis
Goals
accounts receivable
job rotation
organizational market
36. Being accountable or being able to justify an action
Outcome-based ethics
responsibility
Strategic Management
growth through direction state
37. Media: discounts - coupons - rebates; audience: targeted; intensity: passive; purpose: persuade
sales promotion approach
Accountability
public relations
Retrenchment
38. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Top Manager
co-branding
corporate strategies
revenues
39. The price of your nation's currency is in terms of another nation's currency
wants
Mass Production
long-term liabilities
Exchange Rate
40. Electronic media that invite participation by the general public
Services
social media
financial plan
Policy
41. Process by which the world is becoming a single interdependent system
Globalization
quality control circles
Swot Analysis
Consumer Goods
42. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
ratio analysis
online display advertising
Nepotism
accounting equation
43. Economy in which individuals control production and allocation decisions through supply and demand
types of utility
customer loyalty
Market economy
assets equation
44. 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
Goals
Leading
ratio analysis
social commerce
45. Corporation whose stock is held by only a few people and is not available for sale to the general public
Closely Held (or Private) Corporation
stealth marketing
Service Business
sales promotion approach
46. 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
operating expenses
Business (or Competitive) Strategy
decline stage
function of labels
47. Owner of shares of stock in a corporation
Inflation
Stockholder (or Shareholder)
job rotation
theory x
48. Classification of customers on the basis of their psychological makeup - interests - and lifestyles
psychographics
commercialization
Functional Strategy
break-even point
49. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Competition
Manufacturer
place marketing
Safety
50. Delegating more power to employees
Pure Competition
empowerment
Organizational Chart
Inflation