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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. Body of decisions handed down by courts ruling on individual cases
Common Law
Globalization
target markets
accounting equation
2. Beliefs about what is right or wrong and good or bad in actions that affect others
Ethics
contract
coupons
Wholesaler
3. Process of building - maintaining - and using customer databases for the purpose of contacting customers and transacting business
market segmentation
cost based pricing
database marketing
Depression
4. 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
Monopoly
balance sheet
ratio analysis
statement of cash flows
5. 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
price based pricing
Corporation
Democratic Leadership Style
liquidity ratios
6. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
inventory turnover ratio
Ethical Behavior
point-of-purchase display
capital investments
7. 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
Retailer
objectives
Outsourcing
8. Measures income earned on owners' investment - formula: Net income/total owners' equity
return on equity ratio
Patent
Whistle Blower
schematic of marketing process
9. Gross domestic product (GDP) adjusted to account for changes in currency values and price changes
a continuous-flow operating system
Supply Chain (Value Chain)
cost of goods sold equation
Real GDP
10. Act of obtaining a desired object or services from another party by offering something of value in return
revenues
exchange process
fiscal year
Imperfect Competition
11. The way you live as measure by the kinds and quality of goods and services you can afford
Inflation
Imperfect Competition
Long-Term Goal
Standard of Living
12. The process of analyzing and adjusting the basic financial plan to correct for forecasted events that do not materialize
growth through direction state
stages of product development
financial control
Quality Control
13. Categorization of customers according to their geographical location
elements of a company's marketing mix
activity ratios
responsibility
geographic segmentation
14. Mix of people in organizations in terms of essential/demographic status
Workplace Diversity
need
capital budgeting
theory y
15. An overall corporate strategy for growth - stability - or turnaround and retrenchment - or for some combination of these
online display advertising
cost based pricing
Monopolistic Competition
grand strategies
16. Organization for economic - social - and security cooperation among European nations
European Union (EU)
sales promotion
product advertising
brand equity
17. The delivery of marketing messages to people who are not aware that they are being marketing to; these messages can be delivered by either acquaintances or strangers - depending on the technique
Monopolistic competition
news release
stealth marketing
objectives
18. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
First-Line Manager
corporate strategies
Marketer
double-entry bookkeeping
19. External statistical descriptors such as age - income - gender - and profession
demographics
Demand
cost of goods sold
revenues
20. Demographics - psychographics - and geographics
primary factors of market segmentation
strategic marketing planning
Decentralized Organization
introductory stage
21. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
wants
Information Technology (IT)
Export
opportunity cost
22. Costs created in the process of generating revenues
expenses
Committee and Team Authority
Standard of Living
Inflation
23. Products characterized by a plain label - with no advertising and no brand name
Chief Executive Officer (CEO)
geodemographics
news conference
generic products
24. A firm's portion of the total sales in a market
market share
consumer promotion
liquidity ratios
Merger
25. Personal selling - advertising - direct marketing - sales promotion - public relations - social media - postsales communications
categories of customer communication
private brands
customer buying behavior
Processing
26. Law made by the authority of administrative agencies
Regulatory (Administrative) Law
Whistle Blower
Industrial Goods
unity of command
27. ____ strategy is a plan to reverse negative trends in a company - such as the losses in sales.
Centralized Organization
Imperfect Competition
Physical Distribution
Retrenchment
28. Process of converting government enterprises into privately owned companies
Privatization
Tactical Management
calendar year
Workplace Diversity
29. Break-even point = fixed costs/ (selling price - variable costs per unit)
price
promotional strategy
break-even point equation
penetration pricing
30. The movement of an economy from one condition to another and back again
Business Cycle
General (Active) Partner
stages of product development
unity of command
31. Organization's methods for dealing with emergencies
Crisis Management
Laws
Recovery
geographic segmentation
32. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Monopolistic Competition
psychographics
owner's equity equation
license
33. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
news release
liquidity ratios
Functional Strategy
skim pricing
34. 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
break-even analysis
Export
loss-leader
quick ratio
35. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
function of labels
Privatization
customer loyalty
methods of finance for an expanding business
36. Changing jobs or tasks from time to time
market
penetration pricing
job rotation
cause-related marketing
37. Assets - liabilities = owner's equity
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38. Sales-promotion efforts aimed at inducing distributors or retails to push a producer's products
Corporate Governance
decision-making role
trade promotions
need
39. Characteristic of centralized companies with multiple layers of management
Tall Organizational Structure
Tactical Management
how companies learn about customer
transaction
40. Making decisions without consulting anyone
Autocratic Leadership style
cash basis
financial plan
Mass Production
41. Partner who actively manages a firm and who has unlimited liability for its debts
private brands
objectives
social media
General (Active) Partner
42. Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users
push strategy
Goods Operations (Goods Production)
psychographics
institutional advertising
43. Postsales reductions in price - must be applied for by the purchaser
rebates
Processing
geodemographics
news conference
44. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
geographics
Socialism
Policy
transaction
45. Using relative information to predict how many jobs will be needed
forecasting
search advertising
Organizational Stakeholders
Gross National Product (GNP)
46. Media: news release; audience: broad - intensity: passive - active; purpose: inform
public relations approach
variable costs
Out-sourcing
geodemographics
47. Sales promotion aimed at final consumers
Standard of Living
Outcome-based ethics
integrated marketing communications
consumer promotion
48. Payments other than wages or salaries - other benefits
why companies learn about customers so they can stay in touch with their current needs and wants
family branding
Procedure
fringe benefit
49. Building a specific and unique product to meet the needs of one consumer
Corporate Strategy
search advertising
Service Business
Custom Manufacturing
50. Offering several products for a single price that is presumably lower than the total of the products' individual prices
current assets
bundling
selling expenses
variable costs