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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. Partner who actively manages a firm and who has unlimited liability for its debts
General (Active) Partner
S Corporation
Unlimited Liability
growth stage
2. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
break-even point equation
Joint Venture
public relations
3. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
Delegation
Labor Relations
Merger
4. Illegal practice of using special knowledge about a firm for profit or gain
certain disabilities and illnesses
Processing
Insider Trading
form utility
5. Obligation employees have to their manager for the successful completion of an assigned task
Joint Venture
Accountability
search advertising
debt ratios
6. Small software programs that provide part of the functionality of a website
Business Ethics
Workplace Diversity
widgets
Custom Manufacturing
7. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
debt-to-total-assets ratio
Human Resource Management (HRM)
elements of a company's marketing mix
Identity Influence
8. Portion of a brand that can be expressed orally - including letters - words - or numbers
Mixed Management
Management
brand names
budget
9. The movement of an economy from one condition to another and back again
5 C's
Market
Business Cycle
double-entry bookkeeping
10. Effective acquisition and use of money
marketable securities
Limited Liability Corporation (LLC)
financial management
co-branding
11. 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
loss-leader pricing
why companies learn about customers so they can stay in touch with their current needs and wants
Leading
quick ratio
12. Management process of determining what an organization needs to do and how best to get it done
General Partnership
market
Planning
Span of Control
13. Complete list of all products that a company offers for sale
product mix
Quality Control
Unethical Behavior
Consumer Goods
14. Ratios that measure the effectiveness of the firm's use of its resources
Sole Proprietership
activity ratios
Leading
Extractor
15. Informal work groups can affect ____.
horizontal analysis
liabilities
Universal Product Codes
productivity - the success of the managers - and the morale of the other employees
16. Start with the cost of producing a good or a service and then add a markup to the cost of the product to produce a product
possession utility
5 C's
cost based pricing
Privatization
17. Manager responsible for supervising the work of employees
Market economy
Restructuring
Multinational (or Transnational) Corporation
First-Line Manager
18. Introductory stage - growth stage - maturity stage - decline stage
stages in the life cycle of a product
Policy
news conference
laissez-faire Leadership style
19. Measure of a firm's short-term liquidity - calculated by divided current assets by current liabilities
net income
current ratio
schematic of marketing process
it produces the greatest amount of good for the greatest number
20. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
Natural monopoly
commercialization
contract
cash basis
21. The various appliances and devices for creating - storing - exchanging - and using information in diverse modes - including visual images - voice - multimedia - and business data
Information Technology (IT)
Out-sourcing
Labor Relations
break-even analysis
22. Single year; A method of financial statement analysis in which each entry for each of the three major categories of accounts (assets - liabilities and equities) in a balance sheet is represented as a proportion of the total account; income statement
public relations approach
product mix
vertical analysis
rebates
23. Statement of beliefs and values that direct behavior - clear concise manner and included in staff handbooks and annual reports.
Globalization
Philosophy
accounts payable
Acquisition
24. Nonsales communication that businesses have with their various audiences
accounts receivable
public relations
auction pricing
rebates
25. Brief statement or video program released to the press announcing new products - management changes - sales performance - and other potential news items
Short-range or operational planning
commercialization
news release
Out-sourcing
26. Process of converting government enterprises into privately owned companies
function of packaging
Unemployment
Standard of living
Privatization
27. Media: news release; audience: broad - intensity: passive - active; purpose: inform
it produces the greatest amount of good for the greatest number
liquidity ratios
Retrenchment
public relations approach
28. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
budget
capital budgeting
Demand
line organization
29. Organization in which most decision-making authority is held by upper-level management
Whistle Blower
utility
Centralized Organization
Natural monopoly
30. By studying consumer buying behavior - conducting market research - and capturing and analyzing consumer data
decision-making role
Variance
return on equity ratio
how companies learn about customer
31. Ratios that measure a firm's reliance on debt financing of its operations
5 C's
debt ratios
Whistle Blower
demographics
32. Legal principal holding owners responsible for paying off all debts of a business
assets
Unlimited Liability
mission statement
close the books
33. Within an organization essentially answers the question 'Who reports to whom?' - Specific flow of authority down through the levels of an organization's structure.
Standard of Living
Chain of Command
Out-sourcing
personal selling
34. A type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding - quality - or location). In monopolistic competition - a firm takes th
Substitute Product
equity financing
Manufacturer
Monopolistic Competition
35. Advertising or other display materials set up at retail locations to promote products to potential customers as they are making their purchase decisions
Theory Z
point-of-purchase display
categories of customer communication
Gross Domestic Product (GDP)
36. Alternative plans to be implemented if uncontrollable event occur
cognitive dissonance
public relations approach
contingency plans
primary factors of market segmentation
37. Something produced by the intellect or mind that has commercial value
Corporate Governance
Service Business
Intellectual Property
functional strategies
38. Product that is dissimilar from those of competitors but than can fulfill the same need
Gross Domestic Product (GDP)
Substitute Product
Labor Union
Committee and Team Authority
39. Inexpensive good or service purchased and consumed rapidly and regularly
Public Goods
reminder advertising
Convenience Good/Convenience Service
Standard of living
40. Promotional campaigns that send information only to those people who've specifically asked to receive it
Strategic Alliance
Inflation
permission marketing
Work Specialization
41. Measure of the time a company takes to turn its inventory into sales - calculated by divided cost of goods sold by the average value of inventory for a period
marketing concept
types of financial ratios
inventory turnover ratio
Autocratic Leadership style
42. The action of ensuring that operations produce products that meet specific quality standards
Physical Distribution
Quality Control
license
demographics
43. Strategy - at the business-unit or product-line level - focusing on improving a firm's competitive position
Competition
laissez-faire Leadership style
Business (or Competitive) Strategy
stealth marketing
44. Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
Monopolistic competition
advertising approach
Venture Capital Company
Business (or Competitive) Strategy
45. Products having nonphysical features - such as information - expertise - or an activity that can be purchased
Limited Partnership
function of labels
Services
Management
46. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
distribution channels
news conference
sales promotion
Span of Control
47. Flow of information - materials - and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches that end customer
Supply Chain (Value Chain)
Business Plan
Committee and Team Authority
Wholesaler
48. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
brand
Business Plan
liquidity ratios
personal sales approach
49. Marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
permission-based marketing
maturity stage
fixed costs
theory y
50. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
product life cycle
wants
Recession
Quality
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