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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. Free or bargain-priced items offered to encourage customers to buy a product
place marketing
price
growth stage
premiums
2. A forecast of financial requirements and the financing sources to be used
Retailer
consumer promotion
financial plan
growth strategies
3. Making decisions without consulting anyone
mission statement
Unethical Behavior
budget
Autocratic Leadership style
4. Making a product available at a convenient time
Deregulation
time utility
Export
possession utility
5. Manager responsible for implementing the strategies and working toward the goals set by top managers
Middle Manager
responsibility
selling expenses
Processing
6. Planned economic system in which the government owns and operates only selected major sources of production
credit
brand
Socialism
social commerce
7. A document - generally issued by a state government - giving permission to start a corporation
Position Influence
it produces the greatest amount of good for the greatest number
Certificate of Incorporation
psychographics
8. Multiple year; compares two ratios in company's financial statements; sales - sales returns/allowance - net sales - gross marginal
horizontal analysis
need
Demand
objectives
9. Process of planning and executing the conception - pricing - promotion - and distribution of ideas - goods - and services to create and maintain relationships
Retailer
marketing
Certificate of Incorporation
trade allowance
10. Advertising intended to remind existing customers of a product's availability and benefits
Extractor
First-Line Manager
reminder advertising
elements of a company's marketing mix
11. Manufacturing and selling costs - competition - the needs of wholesalers and retailers who distribute the product to the final customer - the firm's marketing objectives - government regulations - quality perceptions - and customer demand
calendar year
factors that influence pricing decisions
stages in the life cycle of a product
Service Operations (Service Production)
12. Sales volume at a given price that will cover all of a company's costs
types of utility
fixed assets
methods of finance for an expanding business
break-even point
13. The state of being certain that adverse effects will not be caused by some agent under defined conditions
debit
Mixed Management
social media
Safety
14. Arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)
national brands
Outcome-based ethics
co-branding
Franchise
15. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
advertising
Span of Control
Centralized Organization
Chain of Command
16. Management process of determining what an organization needs to do and how best to get it done
functional strategies
Planning
job rotation
return on equity ratio
17. The value that a company has built up in a brand
brand equity
credit
line organization
geographic segmentation
18. 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
Restructuring
product life cycle
debt financing
responsibilities of a financial manager
19. Product made or grown domestically but sold abroad
point-of-purchase display
Export
Matrix Structures
accounts receivable
20. Degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Industrial Goods
limitations of marketing research
Span of Control
customer loyalty
21. Those groups - individuals - and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
earnings per share
consumer promotion
penetration pricing
Organizational Stakeholders
22. Hybrid of a closely held corporation and a partnership - organized and operated like a corporation but treated as a partnership for tax purposes
corporate strategies
Wholesaler
Ethical Behavior
S Corporation
23. Discount offered by producers to wholesalers and retailers
ratio analysis
Decentralized Organization
return on investment
trade allowance
24. Ratio between net income after taxes and total owners' equity; also known as return on equity
return on sales
Monopoly
Quid Pro Quo Harassment
return on investment
25. Customer value created by converting raw materials and other inputs into finished goods and services
Human Resource Management (HRM)
Imperfect Competition
forecasting
form utility
26. Promotional strategy that stimulates consumer demand - which then exerts pressure on wholesalers and retailers to carry a product
marketing strategy
pull strategy
Business Plan
product mix
27. Media: news release; audience: broad - intensity: passive - active; purpose: inform
Processing
Pure Competition
public relations approach
bundling
28. Industry in which one company can most efficiently supply all needed goods or services
customer loyalty
Natural monopoly
public relations approach
Venture Capital Company
29. A detailed series of related steps or tasks written to implement a policy is called a ____.
auction
Procedure
Authority
capital investments
30. Business owned and usually operated by one person who is responsible for all its debts
Sole Proprietership
equity financing
Quality Control
personal sales approach
31. Occurs when two companies form one corporation
market segmentation
merger
possession utility
news release
32. Management process of monotoring an organization's performance to ensure that it is meeting its goals
limitations of marketing research
methods of finance for an expanding business
Privatization
Controlling
33. Delegating more power to employees
schematic of marketing process
empowerment
marketing
opportunity cost
34. Systems for moving goods and services from producers to customers; also known as marketing channels
relationship marketing
push strategy
Depression
distribution channels
35. Products characterized by a plain label - with no advertising and no brand name
generic products
Sexual Harassment
push strategy
Organizational Stakeholders
36. Expensive - rarely purchased good or service
middle management
Maslow's hierarchy of needs
Specialty Good/Specialty Service
Herzberg's two-factor theory
37. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
Business Cycle
wants
Prime Rate
utility
38. The act of transferring net revenue and expense account balances to retained earnings for the period
close the books
ways to expand a product line
gross profit
social media
39. Strategy in which two or more organizations collaborate on a project for mutual gain
Strategic Alliance
Tall Organizational Structure
Business (or Competitive) Strategy
Theory Z
40. When organizations change raw materials into finished goods
Processing
form utility
brand loyalty
Inflation
41. Assets retained for long-term use - such as land - buildings - machinery - and equipment; also referred to as property - plant - and equipment
trademarks
marketing research
trade promotions
fixed assets
42. Process of planning - organizing - leading and controlling an organization's resources to achieve its goals
Management
possession utility
permission-based marketing
Chief Executive Officer (CEO)
43. A ____ is an agreement between two parties to carry out a transaction - such as the sale of goods from a seller to buyer.
quick ratio
Reward Influence
5 C's
contract
44. Manager responsible for supervising the work of employees
Unethical Behavior
Small Business Administration (SBA)
market segmentation
First-Line Manager
45. Behavior exhibited by consumers as they consider - select - and purchase goods and services
Organizational Chart
time utility
behavioral segmentation
customer buying behavior
46. The degree to which customers continue to purchase a specific brand
brand loyalty
permission-based marketing
close the books
Substitute Product
47. Efforts a company makes to satisfy its customers to help them realize the greatest possible value from the products they are purchasing
customer service
direct mail
Chain of Command
Organizational Stakeholders
48. Exclusive right to manufacture - sell or use a new invention - prevents someone from stealing and profiting from your invention
break-even analysis
Patent
accounting equation
unity of command
49. Complete list of all products that a company offers for sale
generic products
product mix
Demand
Leadership
50. Top management team of a corporation
downsizing
Mass Production
Officers
Sexual Harassment