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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. Business costs that remain constant regardless of the number of units produced
Whistle Blower
fixed costs
Publicly Held (or Public) Corporation
Service Business
2. Free or bargain-priced items offered to encourage customers to buy a product
premiums
Identity Influence
General (Active) Partner
activity ratios
3. Favoritism shown to relatives or close friends by those in power (as by giving them jobs)
a continuous-flow operating system
Reward Influence
Nepotism
direct marketing
4. profitability - liquidity - activities - and leverage/debt
Joint Venture
Democratic Leadership Style
permission-based marketing
types of financial ratios
5. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Competition
objectives
Restructuring
current liabilities
6. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
brand managers
geodemographics
word of mouth
auction
7. Cost of producing or acquiring a company's products for sale during a given period
a continuous-flow operating system
Pure Competition
cost of goods sold
Business Ethics
8. System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
Capitalism
Exchange Rate
responsibilities of a financial manager
debt-to-equity ratio
9. The collection and analysis of information for making marketing decisions
marketing research
Management
specialty advertising
unity of command
10. Refers to policies that take factors including 'race - color - religion - gender - sexual orientation or national origin' into consideration in order to benefit an underrepresented group - usually as a means to counter the effects of a history o
fringe benefit
Publicly Held (or Public) Corporation
specialty advertising
Affirmative Action
11. Customer value created when someone takes ownership of a product
certain disabilities and illnesses
Organizational Chart
possession utility
private brands
12. Division of a diverse market into smaller - relatively homogeneous groups with similar needs - wants - and purchase behaviors
market segmentation
steps in the strategic marketing planning process
benchmarking
responsibilities of a financial manager
13. Can't have higher level - or class without the lower level; physiological needs - safety needs - feeling of love and belonging - esteem needs - self-actualization
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14. Sales promotion aimed at final consumers
consumer promotion
news release
brand loyalty
Supply
15. Leaders need vision that is realistic and feasible. The strategic vision should be clear - cohesive - consistent and flexible. Includes analysis of the agency's internal and external environments (strengths - weaknesses - opportunities - and thr
break-even analysis
Globalization
Purpose of Strategic Planning
line organization
16. Measure of time a company takes to turn its accounts receivable into cash - calculated by divided sales by the average value of accounts receivable for a period
accounts receivable turnover ratio
Accountability
introductory stage
Goal
17. Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Processing
Consumer Goods
Organizational Chart
distribution channels
18. Alternative plans to be implemented if uncontrollable event occur
Bankruptcy
fiscal year
contingency plans
Human Resource Management (HRM)
19. Specific goods - services - experiences - or other entities that are desirable in light of a person's experiences - culture - and personality
contingency plans
Recession
return on investment
wants
20. Gathering of media representatives at which companies announce new information; also called a press conference or press briefing
news conference
institutional advertising
brand loyalty
Organizational Stakeholders
21. Selling method in which the price is set by customers bidding against each other
stealth marketing
stages of product development
Labor Relations
auction
22. Sales volume at a given price that will cover all of a company's costs
break-even point
Long-Term Goal
Decision Making
3 Economic Role
23. Using promotion - product - distribution - and price to differentiate a good or service from those of competitors in the mind of the prospective buyer
positioning
S Corporation
liabilities
direct marketing
24. Profit earned or loss incurred by a firm - determined by subtracting expenses from revenues; also called the bottom line
net income
Functional Strategy
database marketing
advertising approach
25. Management process of determining what an organization needs to do and how best to get it done
budget
online display advertising
Planning
promotion
26. 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
Recession
return on investment
push strategy
ratio analysis
27. Specification of the jobs to be done within an organization and the ways in which they relate to one another
Organizational Structure
certain disabilities and illnesses
Business Cycle
Universal Product Codes
28. Codified rules of behavior enforced by society
Goals
Labor Union
Collusion
Laws
29. The total quantity and quality of goods and services people can purchase with the currency used in their economic system
Standard of living
Laws
product mix
Out-sourcing
30. Stems from personal trust and respect members have for the leader
Identity Influence
Corporate Strategy
World Trade Organization (WTO)
Business Cycle
31. Form - time - place - possession
theory x
types of utility
sales promotion
Outcome-based ethics
32. Making a product available at a convenient time
auction
penetration pricing
time utility
media
33. Type of partnership consisting of limited partners and a general (or active) partner
Corporate Governance
Limited Partnership
Organizational Structure
marketing mix
34. Occurs when widespread price increases occur throughout an economic system
Delegation
social commerce
Inflation
Limited Liability
35. Occurs when two companies form one corporation
merger
accounts payable
introductory stage
Outsourcing
36. Systematic direction and control of the processes that transform resources into finished products that create value for and provide benefits to customers
horizontal analysis
Operations (Production) Management
Management
cost of goods sold equation
37. The processes and behaviors used by someone - such as a manager - to motivate - inspire - and influence the behaviors of others
Limited Partner
Contingent Worker
Leadership
Out-sourcing
38. Costs created in the process of generating revenues
Restructuring
expenses
Perfect competition
Reward Influence
39. Approach to business management that stresses customer needs and wants - seeks long-term profitability - and integrates marketing with other functional units within the organization
marketing concept
reminder advertising
responsibility
loss-leader pricing
40. The principal that exchange rates are set so that the prices of similar products in different countries are about the same
Work Specialization
positioning
Custom Manufacturing
Purchasing Power Party
41. Markets focus on increasing the product's market share
growth stage
specialty advertising
Extractor
skim pricing
42. Current assets minus current liabilities
price
opportunity cost
Perfect competition
working capital
43. 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
coupons
permission-based marketing
Span of Control
Hostile Work Environment
44. Charging a high price for a new product during the introductory stage and lowering the price later
public relations approach
brand
Organizing
skim pricing
45. Power to make the decisions necessary to complete a task
widgets
revenues
skim pricing
Authority
46. Accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life
Processing
fiscal year
depreciation
merger
47. Employee hired on something other than a full-time basis to supplement an organization's permanent workforce
primary factors of market segmentation
Contingent Worker
persuasive advertising
distribution channels
48. Communications channels - such as newspapers - radio - and television
media
it produces the greatest amount of good for the greatest number
Workplace Diversity
stealth marketing
49. The way a manager teats and directs employees
distribution channels
Business Cycle
Labor Relations
Leadership Style
50. Manager responsible for supervising the work of employees
Services
Chief Executive Officer (CEO)
First-Line Manager
marketing research