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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. By making changes in policies or resolving conflicts in the workplace - a manager is working within his or her ____.
Price Fixing
decision-making role
Business (or Competitive) Strategy
accounts receivable turnover ratio
2. 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
return on equity ratio
debt-to-total-assets ratio
Sole Proprietership
ratio analysis
3. Broad set of organizational plans for implementing the decisions made for achieving organizational goals
Statutory Law
Regulatory (Administrative) Law
Gross Domestic Product (GDP)
Strategy
4. An action is morally correct - when - among the people it affects...
Franchise
commercialization
it produces the greatest amount of good for the greatest number
expenses
5. Unwelcome sexual advances in the workplace
Sexual Harassment
Authority
sales promotion
Policy
6. The collection and analysis of information for making marketing decisions
media
Environmental Analysis
marketing research
time utility
7. Manager responsible for implementing the strategies and working toward the goals set by top managers
news release
Board of Directors
Prosperity
Middle Manager
8. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
fixed assets
positioning
personal selling
Matrix Structures
9. Media: tv - radio - internet - print; audience: broad - intensity: passive - purpose: inform - persuade
pull strategy
advertising approach
decision-making role
Long-range or strategic planning
10. Assets - liabilities = owner's equity
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11. 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
cost based pricing
target markets
search advertising
Contingent Worker
12. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
responsibilities of a financial manager
price elasticity
auction pricing
Retrenchment
13. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
SWOT analysis
net income
close the books
Sole Proprietership
14. Deliver quality products - and provide effective customer service; keeps customers satisfied and helps retain long-term loyalty
selling expenses
generic products
Organizational Structure
why companies learn about customers so they can stay in touch with their current needs and wants
15. Confusion results if a person reports to two people at once - according to ____.
unity of command
Prosperity
generic products
Recovery
16. Market or industry in which there is only one producer that can therefore set the prices on all of its products
Monopoly
Tactical Management
Labor Relations
return on investment
17. Product development stage in which a product is sold on a limited basis - a trial introduction
quick ratio
activity ratios
calendar year
test marketing
18. A short - specific written statement of the reason a business exists and what it wants to achieve.
Service Operations (Service Production)
mission statement
Quality Control
Deregulation
19. Total value of all goods and services produced within a given period by a national economy through domestic factors of production
product life cycle
Gross Domestic Product (GDP)
owner's equity equation
debt ratios
20. Introductory stage - growth stage - maturity stage - decline stage
marketing research
Unlimited Liability
Socialism
stages in the life cycle of a product
21. Postsales reductions in price - must be applied for by the purchaser
rebates
Identity Influence
working capital
introductory stage
22. 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
Controlling
Wheeler-Lea Act of 1938
Monopolistic Competition
direct marketing
23. Product that is dissimilar from those of competitors but than can fulfill the same need
Environmental Analysis
Copyright
stealth marketing
Substitute Product
24. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
demographics
license
search advertising
contract
25. Selling method in which the price is set by customers bidding against each other
Corporation
form utility
auction
Workplace Diversity
26. 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
social media
quick ratio
laissez-faire Leadership style
inside board members
27. Method of calculating the minimum volume of sales needed at a given price to cover all costs
Services
Restructuring
break-even analysis
permission-based marketing
28. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
behavioral segmentation
Human Resource Management (HRM)
theory x
customer buying behavior
29. Good or service used as the basis of commerce
S Corporation
product
Goal
theory x
30. Offering a temporary reduction in price
discount pricing
productivity - the success of the managers - and the morale of the other employees
Business Plan
cost of goods sold
31. Acquiring funds through borrowing
Monopolistic competition
Organizational Stakeholders
accounts payable
debt financing
32. Internal descriptors such as attitudes - interests - values - behaviors - and habits
Substitute Product
inside board members
psychographics
forecasting
33. Document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented
marketable securities
certain disabilities and illnesses
Copyright
Business Plan
34. Sales promotion aimed at final consumers
Multinational (or Transnational) Corporation
productivity - the success of the managers - and the morale of the other employees
consumer promotion
theory y
35. Media: news release; audience: broad - intensity: passive - active; purpose: inform
a continuous-flow operating system
retained earnings
public relations approach
3 Economic Role
36. The quantity of a good that an average worker can produce in an hour
Labor Productivity
distribution channels
Corporation
accrual basis
37. Vying among businesses for the same resources or customers
Competition
Philosophy
break-even point
Corporate Strategy
38. Online ads that are linked to search engine results or website content
Sexual Harassment
Top Manager
search advertising
Labor Productivity
39. Strategu for determining a firm's overall attitude toward growth and the way it will manage its business or product lines
Corporate Strategy
accounts payable
Telemarketing
loss-leader pricing
40. Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
transaction
Services
Swot Analysis
Sexual Harassment
41. An increase in liabilities
activity ratios
debit
break-even point equation
Natural monopoly
42. A forecast of financial requirements and the financing sources to be used
function of packaging
Procedure
financial plan
Market
43. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
Merger
corporate strategies
communication mix
cash basis
44. A form of collusion - agree to charge the same prices - usually higher than the price set by competition
Price Fixing
customer loyalty
marketing research
Imperfect Competition
45. Advertising sent directly to potential customers - usually through the mail
direct marketing approach
Organizing
types of utility
direct mail
46. Advertising that seeks to create goodwill and to build a desired image for a company rather than to sell specific products
Information Technology (IT)
Depression
institutional advertising
public relations
47. Short-term credit or debt amounts that a company owes its suppliers: the company's "bills" in other words
Gross Domestic Product (GDP)
Labor Productivity
authority
accounts payable
48. Process of scanning the business environment for threats and opportunities
Environmental Analysis
Wholesaler
marketing concept
budget
49. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
assets
activity ratios
negative reinforcement
Quality Control
50. Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
accounts receivable turnover ratio
stealth marketing
personal sales approach
Functional Strategy