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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. Selling or supporting the sales process over the telephone
telemarketing
function of packaging
Top Manager
Short-Term Goal
2. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
quality control circles
consumer market
gross profit
Deregulation
3. Goal set for an extended time - typically 5 years or more in the future
Maslow's hierarchy of needs
Hostile Work Environment
Long-Term Goal
Goods Operations (Goods Production)
4. Something produced by the intellect or mind that has commercial value
Purchasing Power Party
Intellectual Property
laissez-faire Leadership style
Statutory Law
5. Building a specific and unique product to meet the needs of one consumer
Corporate Governance
double-entry bookkeeping
Variance
Custom Manufacturing
6. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
Unethical Behavior
accounts receivable
advertising approach
Multinational (or Transnational) Corporation
7. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
why companies learn about customers so they can stay in touch with their current needs and wants
depreciation
push strategy
price based pricing
8. This law guards against false advertising.
Workplace Diversity
brand equity
Wheeler-Lea Act of 1938
Maslow's hierarchy of needs
9. The quantity of a good that an average worker can produce in an hour
Labor Productivity
benchmarking
Publicly Held (or Public) Corporation
Quid Pro Quo Harassment
10. Obligations that must be next within a year
current liabilities
push strategy
strategic marketing planning
widgets
11. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Philosophy
liabilities
Decision-Making Skills
Demand
12. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
cash basis
Tactical Management
Environmental Analysis
13. Intermediary who sells products directly to consumers
Purpose of Strategic Planning
Gross Domestic Product (GDP)
capital budgeting
Retailer
14. Portion of a brand that can be expressed orally - including letters - words - or numbers
brand names
certain disabilities and illnesses
activity ratios
Leadership
15. Study of statistical characteristics of a population
operating expenses
personal selling
demographics
Collusion
16. Organization's statement of how it will achieve its purpose in the environment in which it conducts business
risks of product-line extensions
Mission Statement
capital budgeting
benchmarking
17. Offering a temporary reduction in price
Service Operations (Service Production)
discount pricing
possession utility
market segmentation
18. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Market
Recession
marketing mix
geographic segmentation
19. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
cash basis
productivity - the success of the managers - and the morale of the other employees
Leadership
20. A formal pledge obligating the issuer (the company) to pay interest periodically and repay the principal at maturity
organizational market
auction
Corporate Bond
Corporation
21. Way of recording financial transactions that requires two entries for every transaction so that the accounting equation is always kept in balance
double-entry bookkeeping
Accountability
Decision-Making Skills
Reward Influence
22. Process of scanning the business environment for threats and opportunities
Environmental Analysis
Corporation
Committee and Team Authority
Bankruptcy
23. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
laissez-faire Leadership style
coupons
growth strategies
Work Specialization
24. Planned economic system in which the government owns and operates only selected major sources of production
balance sheet
Socialism
limitations of marketing research
Universal Product Codes
25. Worker - consumer - citizen Consumers vote in favor of goods and services; Worker productivity is important for a nations advancement; Citizens join with other citizens in making some economical decision for the good of the community
theory x
Top Manager
3 Economic Role
Work Specialization
26. Product made or grown abroad but sold domestically
break-even point
Standard of Living
push strategy
Import
27. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
Natural monopoly
current ratio
price based pricing
Inflation
28. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
dynamic pricing
Strategy
reminder advertising
permission marketing
29. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
Quid Pro Quo Harassment
Competition
Short-Term Goal
Ethical Behavior
30. Market or industry in which there is only one producer that can therefore set the prices on all of its products
a continuous-flow operating system
Centralized Organization
Market economy
Monopoly
31. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Organizational Stakeholders
Variance
Limited Liability Corporation (LLC)
advertising approach
32. The union of two corporations to form a new corporation
cash basis
discount pricing
Merger
need
33. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
trade promotions
direct mail
calendar year
Out-sourcing
34. Categorization of customers according to their relationship with products or response to product characteristics
Restructuring
break-even point
place utility
behavioral segmentation
35. Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
contract
Theory Z
return on equity ratio
customer loyalty
36. Costs created in the process of generating revenues
expenses
advertising
Inflation
brand managers
37. Form of a corporation spanning national boundaries
Maslow's hierarchy of needs
Authority
Nepotism
Multinational (or Transnational) Corporation
38. Advertising that appears on various items such as coffee mugs - pens - and calendars - designed to help keep a company's name in front of customers
certain disabilities and illnesses
specialty advertising
Reward Influence
brand managers
39. One seller of a product - denies people competition and is against the law (They can typically raise prices)
Marketer
Closely Held (or Private) Corporation
Monopoly
Gross National Product (GNP)
40. Objective that a business hopes and plans to achieve
search advertising
Goal
General Partnership
penetration pricing
41. Behavior exhibited by consumers as they consider - select - and purchase goods and services
return on investment
productivity - the success of the managers - and the morale of the other employees
customer buying behavior
schematic of marketing process
42. Very few large firms dominate the market such as coke - pepsi - GM - McDonalds
Recession
Inflation
Oligopoly
Collusion
43. Organization for economic - social - and security cooperation among European nations
European Union (EU)
Prime Rate
3 Economic Role
Decision-Making Skills
44. The process of examining an organization's current marketing situation - assessing opportunities and setting objectives - then developing a marketing strategy to reach those objectives
equity financing
strategic marketing planning
SWOT analysis
Deregulation
45. Group of small investors who invest money in companies with rapid growth potential
trademarks
return on equity ratio
Venture Capital Company
Contingent Worker
46. Product development stage in which a product is sold on a limited basis - a trial introduction
Sole Proprietership
organizational market
test marketing
social media approach
47. Compensation other than wages and salaries
Labor Union
sales promotion
Benefits
long-term liabilities
48. Introductory stage - growth stage - maturity stage - decline stage
Natural monopoly
Management
Processing
stages in the life cycle of a product
49. A business firm that does things for you instead of making or makerting products
why companies learn about customers so they can stay in touch with their current needs and wants
Strategic Management
Service Business
debit
50. Industry in which one company can most efficiently supply all needed goods or services
geographics
Natural monopoly
accounting equation
break-even point