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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. Results from the leader's ability to give or withhold rewards
trade promotions
Reward Influence
Bankruptcy
double-entry bookkeeping
2. Developing and implementing a firm's financial plan - monitoring cash flow - decided how to create or use excess funds - budgeting for current and future expenditures - recommending specific investments - raising capital to finance the enterpris
categories of customer communication
line organization
responsibilities of a financial manager
owner's equity equation
3. Unwelcome sexual advances in the workplace
Market economy
Sexual Harassment
General (Active) Partner
Tactical Management
4. A firm's portion of the total sales in a market
Leading
market share
Corporate Governance
form utility
5. A period during which aggregate output - as measured by GDP - declines
double-entry bookkeeping
Deregulation
Controlling
Recession
6. Advertising intended to remind existing customers of a product's availability and benefits
reminder advertising
earnings per share
Decision Making
debt financing
7. Provides protection for the product - makes products easier to display - and attracts attention
function of packaging
debit
credit
types of utility
8. The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services
Strategic Management
opportunity cost
Outsourcing
general expenses
9. Positive reinforcement - negative reinforcement - punishment
merger
organization behavior modification
news release
Laws
10. 1. 5 C's (customer - company - competitors - collaborators - context) 2. market segmentation - selection of target market - product/service positioning 3. product attributes - pricing parts - promotion - placement 4. recruit customer - reta
license
schematic of marketing process
price
double-entry bookkeeping
11. Helps companies set goals - develop new products - segment markets - plan future marketing programs - evaluate the effectiveness of a marketing program - keep an eye on competition - and measure customer satisfaction
contract
marketing research
psychographics
price elasticity
12. Advertising designed to encourage customers to try new products or to switch brands
equity financing
persuasive advertising
a continuous-flow operating system
time utility
13. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
decision-making role
a continuous-flow operating system
current ratio
assets equation
14. Communications channels - such as newspapers - radio - and television
media
bundling
Human Resource Management (HRM)
Divestiture
15. A forecast of financial requirements and the financing sources to be used
financial plan
Insider Trading
Goal
product life cycle
16. Alternative plans to be implemented if uncontrollable event occur
break-even analysis
fiscal year
decision-making role
contingency plans
17. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
operating expenses
Strategic Alliance
Copyright
relationship marketing
18. A leadership style where managers are less directive and involved employees in decision making
market share
Inflation
Strategic Management
limitations of marketing research
19. Choosing one alternative from among several options
Decision Making
categories of customer communication
marketing research
downsizing
20. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
accounts receivable
middle management
target markets
Price Fixing
21. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
family branding
objectives
Quality Control
Hostile Work Environment
22. Market or industry in which there is only one producer that can therefore set the prices on all of its products
sales promotion approach
Retailer
Monopoly
European Union (EU)
23. Mix of people in organizations in terms of essential/demographic status
limitations of marketing research
profitability ratios
Workplace Diversity
break-even point equation
24. Businesses - nonprofit organizations - and government agencies that purchase goods and services for use in their operations
Purchasing Power Party
Expert Influence
organizational market
Organization Chart
25. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
Purchasing Power Party
Statutory Law
capital budgeting
26. Individuals or households that buy goods and services for personal use
general expenses
consumer market
fixed assets
mission statement
27. Brands that have been given legal protection so that their owners have exclusive rights to their use
Divestiture
current liabilities
common pricing strategies
trademarks
28. Any 12 consecutive months used as an accounting period
personal selling
fiscal year
form utility
3 Economic Role
29. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
limitations of marketing research
elements of a company's marketing mix
Leading
corporate strategies
30. 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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31. Management process of monotoring an organization's performance to ensure that it is meeting its goals
activity ratios
stealth marketing
Planning
Controlling
32. Physical products purchased by companies to produce other products
risks of product-line extensions
Industrial Goods
growth stage
trade allowance
33. Business owned and usually operated by one person who is responsible for all its debts
Sole Proprietership
communication mix
trade allowance
time utility
34. 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
Corporate Bond
Price Fixing
Regulatory (Administrative) Law
3 Economic Role
35. In bookkeeping - an increase in assets
geographic segmentation
credit
contingency plans
brand managers
36. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
social media
Mission Statement
customer loyalty
general expenses
37. This law guards against false advertising.
Private enterprise
Wheeler-Lea Act of 1938
retained earnings
product mix
38. Behavior exhibited by consumers as they consider - select - and purchase goods and services
brand managers
Sexual Harassment
customer buying behavior
Mass Production
39. Form of sexual harassment in which sexual favors are requested in return for job-related benefits
Delegation
Quid Pro Quo Harassment
Labor Union
fiscal year
40. Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
Delegation
World Trade Organization (WTO)
transaction
Substitute Product
41. Confusion results if a person reports to two people at once - according to ____.
unity of command
Environmental Analysis
Committee and Team Authority
introductory stage
42. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
Maslow's hierarchy of needs
Exchange Rate
Operations (Production) Management
Strategic Alliance
43. The willingness and ability of producers to offer a good or service for sale
Privatization
Supply
debt-to-equity ratio
premiums
44. Product - price - distribution - customer communication
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45. Partner who actively manages a firm and who has unlimited liability for its debts
current ratio
working capital
dynamic pricing
General (Active) Partner
46. Selling or supporting the sales process over the telephone
telemarketing
Extractor
equity financing
Monopolistic Competition
47. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
how companies learn about customer
Service Business
SWOT analysis
Chain of Command
48. The action of ensuring that operations produce products that meet specific quality standards
Quality Control
Patent
Leadership
levels of brand loyalty
49. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
market segmentation
methods of finance for an expanding business
revenues
Closely Held (or Private) Corporation
50. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Perfect competition
demographics
point-of-purchase display
debt financing