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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. A name - term - sign - symbol - design or combination of those used to identify the products of a firm and competing products
brand
maturity stage
customer buying behavior
types of financial ratios
2. Computer system that supports managers by providing information- reports - schedules - plans and budgets- that can be used for making decisions
Organization Chart
Management Information System (MIS)
common pricing strategies
national brands
3. Skills in defining problems and selecting the best courses of action
price based pricing
Monopoly
current liabilities
Decision-Making Skills
4. Process of scanning the business environment for threats and opportunities
Environmental Analysis
Organizational Stakeholders
Retailer
function of packaging
5. Direct communication other than personal sales contacts designed to effect a measurable response
marketing strategy
behavioral segmentation
Operations (Production) Management
direct marketing
6. Ratios that measure a firm's ability to meet its short-term obligations when they are due - judged on the basis of working capital - current ratio - and quick ratio
liquidity ratios
debt-to-total-assets ratio
marketing
wants
7. Exchange of value between parties
social media approach
transaction
fixed costs
Tall Organizational Structure
8. Large-scale production and distribution of a product
commercialization
S Corporation
functional strategies
Monopoly
9. Intermediary who sells products to other businesses for resale to final consumers
benchmarking
return on investment
Wholesaler
Swot Analysis
10. From of sexual harassment deriving from off-color jokes - lewd comments - and so forth
elements of a company's marketing mix
stealth marketing
Autocratic Leadership style
Hostile Work Environment
11. Delegating more power to employees
Business Ethics
empowerment
Intellectual Property
national brands
12. Communications channels - such as newspapers - radio - and television
marketing mix
expenses
demographics
media
13. External statistical descriptors such as age - income - gender - and profession
geographics
Identity Influence
demographics
decline stage
14. Compensation other than wages and salaries
levels of brand loyalty
Leadership Style
Benefits
place utility
15. Industry in which one company can most efficiently supply all needed goods or services
Supply Chain (Value Chain)
Natural monopoly
Small Business Administration (SBA)
Decentralized Organization
16. Operating expenses - such as office and administrative expenses - not directly associated with creating or marketing a good or a service
Demand
Theory Z
general expenses
Extractor
17. The act of transferring net revenue and expense account balances to retained earnings for the period
Marketer
database marketing
close the books
Identity Influence
18. Online ads that are linked to search engine results or website content
brand loyalty
market share
generic products
search advertising
19. The creation and sharing of product-related information among customers and potential customers
vertical analysis
accounting equation
certain disabilities and illnesses
social commerce
20. A short - specific written statement of the reason a business exists and what it wants to achieve.
mission statement
cost of goods sold
owner's equity
social commerce
21. A phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers
direct mail
net income
inventory turnover ratio
Prosperity
22. Arises when group members recognize that the leader has special expertise in the area
Divestiture
marketing strategy
cost of goods sold
Expert Influence
23. 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
family branding
vertical analysis
place marketing
marketing research
24. 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
Organizing
Limited Partner
Monopolistic Competition
brand
25. Specification of the jobs to be done within an organization and the ways in which they relate to one another
break-even point equation
market segmentation
Organizational Structure
database marketing
26. Management process of monotoring an organization's performance to ensure that it is meeting its goals
Management Information System (MIS)
Long-Term Goal
Business Ethics
Controlling
27. Location
geographics
assets
Organizational Structure
Goals
28. Rewarded for good performance; something the employee likes is praised
Monopoly
advertising approach
target markets
positive reinforcement
29. Ratios that measure a firm's reliance on debt financing of its operations
transaction
Service Business
debt ratios
categories of customer communication
30. Planning and control tool that reflects expected revenues - operating expenses - and cash receipts and outlays
maturity stage
budget
license
database marketing
31. Type of partnership consisting of limited partners and a general (or active) partner
cost of goods sold equation
categories of customer communication
Limited Partnership
Monopolistic competition
32. Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
demographics
Gross National Product (GNP)
brand loyalty
integrated marketing communications
33. Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
S Corporation
capital budgeting
Demand
Prime Rate
34. Method of combining geographical data with demographic data to develop profiles of neighborhood segments
mission statement
geodemographics
sales promotion approach
Information Technology (IT)
35. A statement of what is to be accomplished that is expressed in singular - specific - and measurable terms with a target date
Organizational Chart
objectives
gross profit
wants
36. When the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold
auction pricing
Business Plan
Patent
accounts payable
37. A period during which aggregate output - as measured by GDP - declines
Laws
schematic of marketing process
Recession
cognitive dissonance
38. A series of related products offered by a firm
balance sheet
product line
Market
financial management
39. Market or industry in which there is only one producer that can therefore set the prices on all of its products
accounts receivable
Monopoly
activity ratios
relationship marketing
40. The action of ensuring that operations produce products that meet specific quality standards
financial control
Socialism
Prime Rate
Quality Control
41. 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
debt ratios
line organization
accounts payable
Purpose of Strategic Planning
42. Advertising sent directly to potential customers - usually through the mail
mission statement
Depression
Real GDP
direct mail
43. profitability - liquidity - activities - and leverage/debt
types of financial ratios
theory y
Copyright
Whistle Blower
44. Paid - nonpersonal communication to a target market from an identified sponsor using mass communications channels
Restructuring
advertising
current ratio
quality control circles
45. Utilitarianism: outcome oriented - focuses on the consequences of an action - not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
long-term liabilities
Substitute Product
Outcome-based ethics
Information Technology (IT)
46. Alternative plans to be implemented if uncontrollable event occur
line organization
growth strategies
selling expenses
contingency plans
47. A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions - actions and help coordinate plans. Control performance - increase
Corporate Strategy
Policy
Divestiture
accounting equation
48. A measure of the sensitivity of demand to changes in price
Restructuring
Unethical Behavior
Corporate Bond
price elasticity
49. Products characterized by a plain label - with no advertising and no brand name
direct marketing
generic products
return on equity ratio
Tactical Management
50. Discount offered by producers to wholesalers and retailers
quick ratio
trade allowance
Market
debt financing