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Test your basic knowledge |
Business Fundamentals
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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
3 Economic Role
Identity Influence
Decision Making
telemarketing
2. 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
Business Cycle
organization behavior modification
Restructuring
function of labels
3. Managers who develop and implement a complete strategy and marketing program for specific products or brands
Acquisition
brand managers
Benefits
activity ratios
4. Strategy of coordinating and integrating all communications and promotional efforts with customers to ensure greater efficiency and effectiveness
integrated marketing communications
steps in the strategic marketing planning process
Service Business
Inflation
5. Informal communication between customers and potential customers
types of utility
Strategic Alliance
marketing strategy
word of mouth
6. The portion of shareholders' equity earned by the company but not distributed to its owners in the form of dividends
retained earnings
Service Operations (Service Production)
Labor Relations
levels of brand loyalty
7. Poor predictor of what will excite consumers in the future; sometimes ineffective because it is conducted in an artificial setting
debit
limitations of marketing research
cognitive dissonance
delegate the task
8. Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets
types of financial ratios
Divestiture
Board of Directors
Purpose of Strategic Planning
9. Sales volume at a given price that will cover all of a company's costs
delegate the task
break-even point
customer service
demographics
10. Protects art and literary work - give authors exclusive right to publish - sell and reproduce their work
break-even point
long-term liabilities
Certificate of Incorporation
Copyright
11. Media: mail - telephone - internet - audience: target potential buyers - intensity: passive - purpose: persuade
how companies learn about customer
direct marketing approach
Authority
maturity stage
12. Strategy in which two or more organizations collaborate on a project for mutual gain
market
Strategy
Strategic Alliance
Quality Control
13. Idea generation - idea screening - business analysis - prototype development - test marketing - commercialization
word of mouth
Imperfect Competition
Leadership Style
stages of product development
14. Business costs that increase with the number of units produced
Goals
variable costs
Short-range or operational planning
Leadership Style
15. Amount remaining when the cost of goods sold is deducted from net sales; also known as gross margin
Quality Control
gross profit
marketing research
Stockholder (or Shareholder)
16. Statement of a firm's cash receipts and cash payments that presents information on its sources and uses of cash
authority
Industrial Goods
need
statement of cash flows
17. Employee who detects and tries to put an end to a company's unethical - illegal - or socially irresponsible actions by publicizing them
Organization Chart
Centralized Organization
Whistle Blower
Collusion
18. Statement of a firm's financial position on a particular date; also known as a statement of financial position
balance sheet
place utility
methods of finance for an expanding business
Collusion
19. Economy in which individuals control production and allocation decisions through supply and demand
product mix
skim pricing
retained earnings
Market economy
20. Corporation whose stock is widely held and available for sale to the general public
distribution channels
Inflation
geographic segmentation
Publicly Held (or Public) Corporation
21. Is the way in which tasks in an organization are divided into separate jobs. - Also known as division of labor - Assembly line worker.
categories of customer communication
World Trade Organization (WTO)
SWOT analysis
Work Specialization
22. Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
auction
Autocratic Leadership style
Ethical Behavior
price elasticity
23. When organizations change raw materials into finished goods
form utility
Limited Partner
forecasting
Bankruptcy
24. Location
product advertising
primary factors of market segmentation
penetration pricing
geographics
25. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
World Trade Organization (WTO)
Manufacturer
debt-to-equity ratio
point-of-purchase display
26. Vying among businesses for the same resources or customers
Competition
Decision Making
stages of product development
sales promotion
27. Brands that have been given legal protection so that their owners have exclusive rights to their use
opportunity cost
debt financing
Retrenchment
trademarks
28. Overall plan for marketing a product: includes the identification of target market segments - a positioning strategy - and a marketing mix
retained earnings
marketing strategy
Monopolistic competition
marketing mix
29. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Corporate Bond
financial plan
Physical Distribution
Gross Domestic Product (GDP)
30. Changing jobs or tasks from time to time
Flat Organizational Structure
consumer promotion
Collusion
job rotation
31. Once the desired price has been established - the firm focuses its energies on keeping costs at a level that will allow a healthy profit
elements of a company's marketing mix
price based pricing
steps in the strategic marketing planning process
variable costs
32. Customer value added by making a product available at a convenient time
fixed costs
time utility
reminder advertising
Matrix Structures
33. Process of scanning the business environment for threats and opportunities
Statutory Law
Pure Competition
Officers
Environmental Analysis
34. The state of being certain that adverse effects will not be caused by some agent under defined conditions
steps in the strategic marketing planning process
World Trade Organization (WTO)
Safety
marketing concept
35. Senior company managers who serve on the company's board of directors are known as ____.
Service Operations (Service Production)
geographics
authority
inside board members
36. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
Autocratic Leadership style
Deregulation
Business Plan
Competition
37. Portion of a brand that can be expressed orally - including letters - words - or numbers
Decision Making
First-Line Manager
form utility
brand names
38. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Functional Strategy
social commerce
balance sheet
Export
39. A leadership style where the manager is directive and controlling
Tactical Management
Controlling
expenses
search advertising
40. The process of comparing an organization's products or services and processes with those of another companies
benchmarking
market share
cash basis
Procedure
41. Portion of a company's assets that belongs to the owners after obligations to all creditors have been met
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42. Identification and marketing of a social issues - cause - or idea to selected target markets
cost of goods sold
cause-related marketing
promotional strategy
Out-sourcing
43. Product - price - distribution - customer communication
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44. Systems for moving goods and services from producers to customers; also known as marketing channels
Deregulation
distribution channels
Whistle Blower
Quid Pro Quo Harassment
45. The process of changing an organization's structure - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
working capital
Restructuring
marketing strategy
types of financial ratios
46. Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Long-range or strategic planning
cost of goods sold equation
management by objectives (MBO)
Audit
47. Introducing a new product at a low price in hopes of building sales volume quickly
Intellectual Property
Strategic Alliance
penetration pricing
generic products
48. Method of calculating the minimum volume of sales needed at a given price to cover all costs
dynamic pricing
Multinational (or Transnational) Corporation
break-even analysis
Board of Directors
49. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
Universal Product Codes
management by objectives (MBO)
need
net income
50. Study of statistical characteristics of a population
demographics
Purchasing Power Party
Quid Pro Quo Harassment
Quality Control
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