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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. The process of comparing an organization's products or services and processes with those of another companies
double-entry bookkeeping
social commerce
Price Fixing
benchmarking
2. Examining your current marketing situation - assessing your opportunities and setting your objectives - and developing your market strategy
Philosophy
steps in the strategic marketing planning process
Merger
Chain of Command
3. People are lazy
Goods Operations (Goods Production)
theory x
Decentralized Organization
customer service
4. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
Certificate of Incorporation
family branding
marketing concept
brand loyalty
5. Set of organizational activities directed at attracting - developing - and maintaining an effective workforce
schematic of marketing process
Human Resource Management (HRM)
price elasticity
elements of a company's marketing mix
6. Advertising designed to encourage customers to try new products or to switch brands
persuasive advertising
Gross Domestic Product (GDP)
Private enterprise
Human Resource Management (HRM)
7. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
product mix
owner's equity equation
current ratio
Management Information System (MIS)
8. Any things of value owned or leased by a business such as equipment - cash - land - buildings - inventory - investments - patents - and copyrights
Crisis Management
assets
Philosophy
cash basis
9. 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
function of labels
schematic of marketing process
unity of command
Multinational (or Transnational) Corporation
10. Introductory stage - growth stage - maturity stage - decline stage
marketing strategy
stages in the life cycle of a product
Decision Making
accounting equation
11. In a ____ authority originates at the top and moves downward in a line.
Imperfect Competition
product mix
line organization
return on sales
12. Top management team of a corporation
Divestiture
how companies learn about customer
growth stage
Officers
13. Management process of determining how to best arrange an organization's resources and activities into a coherent structure
Inflation
Supply Chain (Value Chain)
Organizing
factors that influence pricing decisions
14. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Depression
retained earnings
advertising
exchange process
15. A short - specific written statement of the reason a business exists and what it wants to achieve.
assets equation
balance sheet
mission statement
quality control circles
16. Marketers focus on stimulating demand for the new product
cost of goods sold
introductory stage
geodemographics
Publicly Held (or Public) Corporation
17. Planned economic system in which the government owns and operates only selected major sources of production
Socialism
Unethical Behavior
function of labels
Whistle Blower
18. Organization in which most decision-making authority is held by upper-level management
Centralized Organization
Unethical Behavior
liquidity ratios
brand managers
19. Court-granted permission for a company to not pay some or all debts
personal sales approach
financial control
Bankruptcy
Strategic Alliance
20. Customer value added by making a product available at a convenient time
marketing strategy
time utility
Monopoly
cost of goods sold equation
21. Process for evaluating proposed investments in select projects that provide the best long-term financial return
skim pricing
promotion
Small Business Administration (SBA)
capital budgeting
22. Being accountable or being able to justify an action
marketing concept
auction pricing
Matrix Structures
responsibility
23. An extra amount of time granted to a party to make a payment
cost of goods sold equation
Extension
Recovery
Goods Operations (Goods Production)
24. Difference between a person's actual state and his or her ideal state; provides the basic motivation to make a purchase
authority
direct marketing
stealth marketing
need
25. Small groups in the same work area that have scheduled meetings about problems and how to fix them
Gross National Product (GNP)
Centralized Organization
penetration pricing
quality control circles
26. Process through which a manager allocates work to subordinates
brand equity
Recession
Delegation
Reward Influence
27. Categorization of customers according to their relationship with products or response to product characteristics
unity of command
Convenience Good/Convenience Service
behavioral segmentation
Service Operations (Service Production)
28. A measure of the sensitivity of demand to changes in price
Organizational Structure
price elasticity
debt ratios
Crisis Management
29. The state of being certain that adverse effects will not be caused by some agent under defined conditions
Safety
responsibility
Depression
Divestiture
30. Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time. - The matrix represents a combination of a functional structure and a product structure.
institutional advertising
Matrix Structures
liquidity ratios
bundling
31. Stems from personal trust and respect members have for the leader
specialty advertising
Identity Influence
Maslow's hierarchy of needs
social media approach
32. Discount offered by producers to wholesalers and retailers
expenses
Patent
Matrix Structures
trade allowance
33. Codified rules of behavior enforced by society
General Partnership
place marketing
methods of finance for an expanding business
Laws
34. The combination of 'characteristics of a product of service that bear on its ability to satisfy stated or implied needs'
Quality
demographics
S Corporation
market
35. A large number of identical products are assembled using a continuous - efficient procedure
Mass Production
Crisis Management
Chain of Command
introductory stage
36. Arises when group members recognize that the leader has special expertise in the area
assume that all workers are content with their work
types of financial ratios
product line
Expert Influence
37. Measures of the extent to which a business is financed by debt as opposed to invested capital - calculated by dividing the company's total liabilities by owners' equity
debt-to-equity ratio
benchmarking
time utility
fixed costs
38. The activity - set of institutions - and process for creating - communicating - delivering - and enhancing offerings that have value for customers - clients - partners - and society at large
Swot Analysis
personal sales approach
laissez-faire Leadership style
Marketing
39. Markets focus on increasing the product's market share
growth stage
direct mail
Long-range or strategic planning
Gross National Product (GNP)
40. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
profitability ratios
Delegation
Standard of living
Inflation
41. Acquiring funds by selling shares of a company's stock
market
Franchise
equity financing
methods of finance for an expanding business
42. Sales volume at a given price that will cover all of a company's costs
social commerce
break-even point
promotion
quick ratio
43. The way a manager teats and directs employees
Leadership Style
expenses
Decision-Making Skills
Mass Production
44. Obtain goods they cannot produce - reflect comparative advantage - and create jobs
Whistle Blower
delegate the task
Three reasons nations trade
theory x
45. Selling method in which the price is set by customers bidding against each other
Information Technology (IT)
auction
inside board members
Affirmative Action
46. Characteristic of centralized companies with multiple layers of management
national brands
Tall Organizational Structure
Leadership
primary factors of market segmentation
47. Specific customer groups or segments to whom a company wants to sell a particular product
target markets
bundling
Regulatory (Administrative) Law
Natural monopoly
48. A period where demand begins to decrease - businesses lower production of goods and services - unemployment begins to rise - and GDP growth slows for two or more quarters
Recession
customer loyalty
Management
net income
49. Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
place utility
Globalization
Sole Proprietership
corporate strategies
50. A Theory Y manager is most likely to ____.
geographics
it produces the greatest amount of good for the greatest number
assume that all workers are content with their work
liquidity ratios